The "bleak" reality: Brexit crippling the North West with 21% of people in "worst financial position of their lives"
One in five people across the North West claim to be in the worst financial position they have ever been in, with the uncertainty over how Brexit will impact things such as supermarket prices and the value of the pound likely to mean that more financial woe is on the horizon.
Assessing how people view their personal finances, financial institution FairMoney have revealed that - with Brexit still dominating the headlines almost three years after the referendum - the lack of clarity regarding any potential Brexit deadline, what deals are likely to be secured, and which party are likely to be in charge in the near future are all causing financial chaos.
Patience with the process has undoubtedly been tested over the past 30-odd months, but financial experts have also pointed to the financial strain that has been felt across the UK as well. With Brexit costing the UK an estimated £600m every week (a figure conspicuously absent from the infamous '£350m a week for our NHS' bus during the now-proven illegitimate election), ambiguity around Brexit is affecting British people’s personal finances.
Across the country, 10.5 million people believe that they are in the worst financial position that they have ever been in, while 65% of people in the North West think that Brexit will have a negative impact on supermarket prices and 58% believe it will have a negative impact on the cost of holidays.
“The Brexit limbo is negatively affecting Brits and their financial situation," said Dr Roger Gewolb, Executive Chairman of FairMoney. "Many of us just need some degree of certainty so we can adequately plan for the future; the research shows a bleak picture of personal financial situation, and I urge politicians from all sides to come together for the good of our bank balances."
With 40% of those in the North West admitting they do not understand how Brexit will affect household bills, official's dire warnings over what is to come seems bleak, although the root of the issue appears to be a lack of appreciation of how individuals themselves will be affected, with FairMoney finding that 40% in the region would care more about negotiations if they knew how they would impact their bills.
But, with over half of Brits (53%) saying that their average disposable income per week is less than £0, meaning that they are building up personal debts, throwing the country into times of financial and economic uncertainty appear imprudent, with uncertainty in business affecting jobs and communities that rely on one or two major industries or employers.