Around 1.8 million British expats living in the EU should review their personal finance strategies as a as ‘no-deal’ Brexit looks increasingly likely.
That was the message from James Green, divisional manager of Western Europe of deVere Group, the world’s largest independent financial advisory organisation.
Green said: “A no-deal Brexit is now expected by a growing number of experts and the wider population to be the most likely outcome.
“If the UK crashes out of Europe with no deal in place, the estimated 1.8 million expats living in the EU could be financially impacted in two key ways.
“First, the pound would inevitably suffer and it could fall hard. This would deliver another heavy and serious blow for those who receive UK pensions or income in pounds as the cost of living, in effect, would be significantly more expensive.
“Second, unless there is considerable post-Brexit collaboration between the UK and EU there is a risk that existing payments from British companies, including pension and insurance companies, to those living within the European Economic Area (EEA) could be disrupted or even made impossible. Of course, this would be a major inconvenience to many UK expats.”
This week Prime Minister Theresa May claimed that a ‘no-deal’ Brexit “wouldn’t be the end of the world” as she sought to downplay a warning made by Chancellor Philip Hammond last week.
Last week the government published technical notices advising businesses and consumers on how to prepare for the prospect of a ‘no deal’ Brexit.