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Brit expats in Spain shock horror reaction to Brexit win, pound to euro exchange rate plummets
| Published: | 24 Jun at 6 PM |
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Tagged: Currency, Spain, Property Abroad, UK, Jobs, Euro, Exchange Rates, Pension Transfer, England, Teach Abroad
UK expats living and retiring in Spain are in a state of shock as their worst fears about Brexit are confirmed.
Brits living the good life in Spain woke this morning to their worst nightmare – the decision of a majority of eligible referendum voters to leave the UK. Immediately, the pound to euro exchange rate plummeted and world stock markets braced themselves for a replay of the financial crash of 2008.
The immediate fall in the value of sterling will affect the lifestyles of UK state pensioners across Spain, causing many to reconsider their futures and return to the UK. However, the long term effects of the referendum decision may well have worse consequences, especially for Brits working in the country, those raising families and those in poor health.
Barcelona-based founder of MumAbroadSpain Carrie Frais told of the fears of British mothers who see Spain as their adoptive country as well as those who’ve started businesses in the property and tourism sectors. One British primary school teacher living in Madrid is now planning to consult a lawyer about becoming a Spanish national rather than returning to the UK, an option that many other expats may well be forced to explore.
Lets Education Training owner Natasha Mason is devastated by the unanticipated and unwelcome news, saying she’s in total shock to find that UK voters have supported isolation and racism rather than going for continuing years of peace and stability. President of the British Chamber of Commerce in Spain Christopher Dottie said he is afraid of risks to the strong British investment sector responsible for the creation of some 240,000 Spanish jobs in recent years.
Short term effects on British businesses in Spain, he continued, will focus on currency and stock market instability, adding that the years of negotiations before the final break will do nothing to ease the financial and legal problems caused by the referendum result.
Brits living the good life in Spain woke this morning to their worst nightmare – the decision of a majority of eligible referendum voters to leave the UK. Immediately, the pound to euro exchange rate plummeted and world stock markets braced themselves for a replay of the financial crash of 2008.
The immediate fall in the value of sterling will affect the lifestyles of UK state pensioners across Spain, causing many to reconsider their futures and return to the UK. However, the long term effects of the referendum decision may well have worse consequences, especially for Brits working in the country, those raising families and those in poor health.
Barcelona-based founder of MumAbroadSpain Carrie Frais told of the fears of British mothers who see Spain as their adoptive country as well as those who’ve started businesses in the property and tourism sectors. One British primary school teacher living in Madrid is now planning to consult a lawyer about becoming a Spanish national rather than returning to the UK, an option that many other expats may well be forced to explore.
Lets Education Training owner Natasha Mason is devastated by the unanticipated and unwelcome news, saying she’s in total shock to find that UK voters have supported isolation and racism rather than going for continuing years of peace and stability. President of the British Chamber of Commerce in Spain Christopher Dottie said he is afraid of risks to the strong British investment sector responsible for the creation of some 240,000 Spanish jobs in recent years.
Short term effects on British businesses in Spain, he continued, will focus on currency and stock market instability, adding that the years of negotiations before the final break will do nothing to ease the financial and legal problems caused by the referendum result.
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