Brexit…Where are we now?

March 28th, 2019

Brexit – whatever side you’re on, whatever your personal opinions, it remains one of our most discussed and debated talking points.

Although we were due to leave the EU on 29 March, the government was forced to ask for a delay after Theresa May’s deal was twice rejected by parliament.

So, where are we now?

As it stands, the EU has offered a choice of two short extensions to the Brexit process. Parliament now has until 12 April to either approve May’s deal or seek a significantly longer extension that could keep the UK in the EU for up to two years.

At the time of writing, MPs have taken control of the process – voting 327 to 300 pass a motion taking control of Brexit. As a result of this vote, a day has been set aside in which the government does not have control over what the Commons debates. This is happening as we write!

During this time, MPs can put forward motions on potential ways forward and vote on them. It is thought that options will include a Norway Plus deal, where we will remain part of the single market and the customs union, May’s current deal with the addition of the customs union, a no-deal Brexit, and a second referendum.

How will the extension affect contractors?

It’s safe to say that the current Brexit turmoil is creating a lot of political, economic, and market uncertainty. While that may be concerning, for contractors, market uncertainty can actually be beneficial – employers still don’t know what Brexit really means, and so are reluctant to hire permanent staff, instead preferring to use contractors to work on shorter term projects.

This means, in the short term at least, Brexit should be good for contractors, with the uncertainty leading companies to hire contractors rather than permanent staff. Potential changes to regulations, tariffs, and legislations could also lead to a significant boost in contractor roles as companies rush to update their systems and processes accordingly.

And what about the property market?

According to the Royal Institute of Chartered Surveyors’ monthly market survey for March, three quarters of the 300 surveyors asked, stated that they believe Brexit is holding back the market, with uncertainty putting off many sellers and buyers who are waiting to see the outcome of negotiations.

What this does mean, however, is that first time buyers in particular are in a good position to find a good deal on a property. Mortgage rates are also incredibly low right now in comparison with historic rates; making it a good time for those with an existing mortgage to fix into a low rate, to give themselves a degree of certainty.

As one of the UK’s leading mortgage brokers for contractors, we can help you Brexit proof your mortgage! In the event rates rise after Brexit secure your low rate now or if rates fall, we can help you secure an even better rate after.

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