How Will a No-Deal Brexit Affect Plymouth

For a few years now, consumers have been worried about what a final Brexit will mean for the UK economy and with a “No-Deal Brexit” in sight, residents and local government in Plymouth are beyond concerned. It’s hard to imagine what the influx of Britons returning home to the UK will do to the economy once those numbers of workers are suddenly unemployed and with an already high rate of inflation, it could be disastrous. Here is some of what we know about the very real concerns in Plymouth.

An Already Over-extended Budget

At the moment, Plymouth is in need of finding a way to save £36 in the next three years, but the city council says that a no-deal Brexit could make that a virtual impossibility. Even though the council was able to make cuts equalling a savings of £11.5 million this year, that £36 million wouldn’t even make a dent in what they would need for such things as housing and other social programmes in place. With all this going on, workers and residents are worried that social programmes will be cut, but Tudor Evans, leader of the Labour council, says that the council will still make good on the pledges he made when Labour took control of Plymouth’s council. There are 100 such pledges and that, alone, is cause for concern on a no-deal Brexit!

What Can Residents Do When Programmes Are Underfunded?

One of the big concerns amongst workers is what they can do when more of their friends and family members return, taking jobs or hours away from those now employed. If you are following the state of the economy, you may want to take a glance at https://www.cashlady.com/consumer-index.aspx where you can find information on loans in areas of the UK that aren’t going to be as affected as they are in Plymouth. Is a move going to be the best option or will workers be able to stay right where they are, even on reduced wages? Some will seek loans and other means of survival until the influx of returning migrants slows, but others may find it necessary to relocate to find employment or affordable housing.

Is the Hardest Yet to Come?

According to Mark Lowry, Labour finance chief, the area’s financial outlook has never been harder to deal with. In paraphrasing his comments, he says that reductions in the amount of financial support Government is able to provide will make this one of the hardest times ever. In fact, there are many who believe the impact of a no-deal Brexit will send the economy plummeting further than even the Great Recession of the last decade.

In the end, both local government and residents of Plymouth are going to be seeking ways to maximise the assets they have. Some will be taking out small loans while the council will find more innovative ways to make cuts across the board. The council will not alter their plans toward economic growth in the region, they will just be devising newer, more cost-effective solutions. What a no-deal Brexit will mean is yet to be seen but by all financial forecasts, it isn’t likely to be good.