June 23, 2016 – The UK votes to leave the European Union!
How will the British “adieu” to the EU affect Bermudians in Bermuda & around Europe?
- The pound sterling is currently at its lowest since 1985.
- It costs more for Brits to buy foreign currency, including the euro.
- Bermudians & Americans travelling to England will be getting more bang for their bucks!
- If I’m Bermudian or American should I buy pounds as an investment today?
With the falling pound Bermudians travelling to England will be getting more bang for their buck! https://en.wikipedia.org/wiki/Bermudian_dollar
Unfortunately Bermudians living in Great Britain and earning pounds will not have so much spending power in Europe or Bermuda this summer. 😦
It now costs more to buy euros after the pound’s value plummeted.
The PM has said there will be no initial change in the way people travel
Bermudians living in Britain: There are fears Brexit could lead to more expensive holidays through higher costs for plane tickets. Without a renegotiated agreement, British passport holders will be required to take out private insurance before they travel in order to ensure they have sufficient coverage.
3. Working & Living in the EU
Through the right to a British passport, Bermudians also have the right to work and to live in all European Economic Area countries.
NOW: British citizens can easily move to another EU country
AFTER: British citizens will have to apply for school visas, work permits or citizenship in the European country of residence.
Britain will not allow the free influx of people to continue. Hence the reciprocal right of Britons — and Bermudians — to live and work anywhere in the EU will also end.
Health insurance, use of national health services and pension payments (to name a few) will all have to be negotiated.
4. Scotland & Northern Island
Will the UK actually leave the EU? … and on what conditions?
51.89 % voted to leave. 48.11 % voted to stay. Not such a vast divide for such a drastic decision.
Referenda in the UK do not legally bind the parliament into following the wishes of the people, unless there is a specific provision written into the terms of thereferendum. This referendum had no such provision. https://jobspotting.com/en/journal/brexit-what-happens-now-jobs
There will be no immediate changes. Britain must now prepare for a negotiation with the EU .. but …. Jean Claude Juncker, president of the European Commission, said before the referendum that “Cameron got the maximum he could receive and we gave the maximum we could give. So there will be no renegotiation, not on the agreement we found in February, nor as far as any kind of treaty negotiations are concerned.”
The British Prime Minister will have to decide if and when to invoke Article 50, and to present formal notification in Brussels. There will now be a six-week period allowed for any potential legal challenges to the result.
Free movement of people around the EU
Migration was a major issue and perhaps the deciding one in this referendum. Britain is closing its doors to migrants coming from or through the European continent. Unfortunately that means more bureaucracy for the British abroad.
- BBC EU Referendum
- Brexit and the threats it poses to Bermuda
- Brexit: What Happens Now? And What Does It Mean For Your Jobs?
- I want my country back – This was never a referendum on the EU. It was a referendum on the modern world.
- Kissing chain travels across Europe to show support for Britain to remain in the EU
This article is a work in progress. Please add any info or an opinion you’d like to share in the comments box below