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A fifth of Brits in the worst financial shape ever

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A new survey shows that many Britons are poorly prepared for any worsening of the UK economy with around a fifth saying they’re in the worst financial position they’ve ever been.

The research from Fairmoney said over half of Brits have no disposable income each week. At the same time, many believe that their expenses will increase after Brexit. While 43% admit they don’t understand how Brexit will affect household bills, 59% – equivalent to 30 million people – believe that Brexit will increase the price of food in supermarkets. Over half of Brits – 54% – believe that Brexit will have a negative impact on the cost of holidays

While the Prime Minister yesterday talked about Brexit fatigue, around 42% of Brits said they would care more about Brexit negotiations if it affected their house bills.

Brexit may have an impact on bills in a number of ways. It may increase the price of imported goods, particularly if there is a drop in the pound. Additional tariffs on goods moving within the European Union may also have an impact on the price people pay. Holidays would become more expensive if the pound dropped versus other countries.

Dr Roger Gewolb, executive chairman of FairMoney commented on the research, “The Brexit limbo is negatively affecting Brits and their financial situation. Many of us just need some degree of certainty so we can adequately plan for the future. The research that FairMoney is publishing today 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.”

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