Brexit is not a simple word. Instead, it conveys the whole movement, which the term refers to Britain exiting the European Union. Where Brexit will impact almost every field of life, it will doubtlessly influence the immigration trends and expatriates’ life in the UK. People from all over the world, especially from developing countries, have continued to migrate to the UK to pursue better education and improved livelihoods. After getting good jobs, these expatriates send money online to their families in their home countries. Brexit will most likely influence the remittance industry and expatriate life in the UK.
You will learn the reasons that prompted this move its implications on immigration to the UK. Furthermore, you will also learn about what the post-Brexit times will look like.
Reasons that make the UK best expatriate destination
Here are a few reasons that attract expatriates to visit the UK.
Strong economy offering work opportunities
The UK has a strong and growing economy. And a strong economy keeps offering several work opportunities to the natives and the ones coming from outside.
Therefore, most of the expatriates go to the UK to find work, earn remittances, and send the money back via international money transfers.
Education in the UK
It is established that the educational institutions in the UK are some of the world’s best, if not the only best!
Students worldwide prefer the UK for studies because international students’ rules are lax. Students can work beside studies and earn money. They are at liberty to either manage their own expenses or send that money back home through the best way to transfer money internationally, offered by the world’s top-rated ACE Money Transfer.
UK’s rich history, colourful culture and heritage
Many people go to the UK for a closer look at and study its rich history, diversified culture and heritage. These people are mostly tourists. And all of them always have a wonderful experience of visiting the UK.
Brexit: history and present at a glance
The UK has always been a favourite expatriate destination due to the reasons mentioned above. And hosting expatriates has always been one of the primary income sources for the host country. When expatriates from low-income countries go to the UK for work, they earn less in their host country’s currency but render fairly large services. The less money they earn turns big after converting their local currencies when they send their remittances back home through the best international money transfer services.
As part of the EU, the UK could not reap the said economic dividends. People from the rich European countries would come to the UK and work in the pre-Brexit era. Of course, your incurred costs generate income while travelling to a country by meeting all the necessary travelling conditions.
But, against this scenario, free movement can deprive the host country of the expected income.
In short, the economic needs necessitated Brexit. But, where the financial situation in the UK is showing improvement post-Brexit, it has made the immigrant movement more difficult than before.
Although the UK government is working on easing immigration policies, the scenario for immigration is challenging. In such a scenario, several overseas workers fear to lose their breadwinning opportunities since a money transfer back home from the UK is the only hope of living for their families.
Impact of Brexit on immigration rate in the UK
The apparent impact is obviously that the immigration rate has dropped substantially. And this drop is likely to stay until the UK government revises its immigration policies for the post-Brexit times ahead.
Generally, the immigration policies for normal immigration to the UK are strict. But, the skilled workers worldwide can apply quickly as the UK’s government supports the skilled workforce and encourages them to come to England.
The link between excessive immigration and Brexit
In fact, the economic troubles stemming from excessive immigration to the UK pushed the need to exit from the EU. But, this does not apply to the people immigrating from outside the EU. As is sufficiently explained above, the excessive immigrant movements from the European countries lay at the heart of Brexit, resulting from the economic woes.
Future of immigrants to the UK in current circumstances
The future of immigration to the UK in the present does not seem promising. But, obviously, the dust of Brexit is not settled yet. The nuts and bolts of it are still under discussion by the UK government. And as ACE Money Transfer has explained initially, the UK will remain expatriates’ favourite destination. And the reasons which make it one will push the UK government to ease its immigration policies.
Immigrants will likely be travelling more and more to the UK after the eased off policies. But, it will take a fair amount of time. Until that happens, you will have to wait!
Problems immigrants face while living and working in the UK post-Brexit
Here are a few problems that the immigrants face while living and working in the UK after Brexit.
A dip in opportunities
Before Brexit, the people from the EU had brought businesses to the UK. It created several opportunities for the expatriates. But, after Brexit happened, the jobs have seen a dip as the movement of the EU nationals is now restricted.
Industry has shrunk
EU nationals would bring business to the UK before Brexit. It expanded the industry in the UK. But, now, the same sector is shrinking due to the strict visa regime for EU nationals.
Travelling is restricted
The people living in the UK could easily travel to other parts of Europe before Brexit. But, the residents are facing difficulties as they cannot travel easily now.
Diminishing diversity of the workforce
Brexit has also witnessed a decline in the diversity in the UK’s workforce. Before Brexit, the diversity of the workforce in the UK was immense, as obviously, several EU nationals would work there. But, now that diversity has dropped substantially.
All of the above issues that the immigrants face in the UK are for the time being. The government of the UK is working tirelessly to create ease for the immigrants who are residing in the UK now and for the ones likely to come in the future.
Future of remittance industry in the UK after Brexit
The future of the remittance industry in the UK after Brexit is unlikely to change much. Yes, you may see a dip in the outbound flow of remittances. But, that dip will be temporary. As soon as the Brexit dust settles down, this flow will increase again as the world’s one of the best online money transfer companies, ACE Money Transfer operates in the UK. It also creates immense convenience for the expatriates through its international money transfer app to move money.
Besides, ACE Money Transfer offers convenience, low fees, best exchange rates and secure transactions under one roof. All of this has always made ACE a preferred choice of the expatriates to send remittances through.
The Brexit has impacted immigration as a whole in the UK badly. But, these adverse impacts will clear away soon. Therefore, hold your horses patiently and let the dust settle. In the meantime, keep enjoying the comforts offered to you by ACE Money Transfers in sending remittances back home.