In a close vote that ended with around 52% voting to leave and 48% to remain, there was understandably a wide mix of celebrations, commiserations and worries about the future.
The pound and financial markets were hit instantly, but a lot of the effects seem more likely to come into place in the long term. Anyone working in the financial sector or hoping to start soon will find it a somewhat exciting yet tumultuous time. There are ways to ensure that you manage to maintain a more stable position.
Negative Business Impact
The immediate aftermath of the Brexit has not been good for many businesses in Great Britain. Already a number of firms have claimed they will move out of the UK, as with the country set to leave the EU any business benefits this provided for their companies will soon not apply.
The financial sector could be one of the hardest hit, especially with the number of foreign firms working out of the UK, and especially London. Up to 100,000 financial services jobs could be lost in the near future due to the Brexit, according to one report. While a recovery is also expected and hoped for, most experts are predicting a negative impact at first.
Head to The City
Not all companies are following suit and making a quick exit however, with a few pledging to stay despite the referendum result. As The City is the UK’s financial headquarters, this is the place the most stable jobs in finance will be.
Anyone looking to start a career should probably head in this direction, or at least use it as a starting place for jobs. Given the huge amounts of money that both British and foreign finance companies have invested in setting up in London, it would be a big effort to move, so there should still be a decent amount of jobs available.
Join British Firms
The main worry comes from those working for foreign companies who have set up bases in the UK. Due to the loss of EU trading rules with the Brexit, many may move to other EU companies, leading to job losses and uncertainty.
For a more stable situation, working for a British financial company may be the best option. While they will be affected by the EU exit, there will be a lot lower chance (if any) of them moving to another country. Or for the most ambitious, now could be the time to set up your own business and take advantage of the situation.
As the somewhat unprecedented Brexit has shown, nobody can really predict what will happen next in the world. For this reason, you will need to be as flexible as possible to help build up some stability later on.
It could be taking on new ventures and responsibilities, such as trading and investing in shares, or being willing to relocate for your firm, if necessary. Preparing for the possibility of future changes, while it may not result in a stable career, is the best option to try and ensure you always have employment. Making contacts has never been more important than in these times of post-Brexit economic uncertainty.