What Has Brexit Done for London?
Has the capital changed since the UK voted to leave the EU? If you think that you are hearing less foreign accents in business and services in and around London, you could very well be right. An increasing number of EU residents who used to be proud to call London their home have started to return to their home countries. What does this mean for London? Let’s take out a little closer look at what leaving the EU may mean for London and the rest of the UK.
Some say that fewer EU residents will eventually lead to more jobs for the local Londoners, but that may not be true. In fact, the restaurant trade is only one of the business sectors in London which are beginning to find it hard to recruit and employ qualified staff. Add to that the NHS, it makes you wonder if London is not beginning to move towards an unemployment crisis. Even some of the building sites in London are finding tough to find workers and major infrastructure projects are running behind as a result of qualified workers returning home.
In the long run, this could have a negative impact on the London economy. It could mean local authorities in London will have a hard time finding the budget to support what is already dwindling facilities such as schools and social care. When high paid qualified workers leave a country, they often leave behind them a gap in the local economy. Trying to find other sources to replace the tax that they paid into the local and national economy is often a struggle and the problem can be hard to solve in a short period of time.
With the UK government looking to borrow huge sums of money to boost the UK economy, it really does make you wonder where the money is going to come from at the end of the day. There is a clear risk that the UK economy will once again end up taking a nose dive instead of going upwards. Ultimately this means the UK could be at risk from suffering a recession, or in a worst-case scenario, a depression shortly after leaving the EU.
Unfortunately, many EU residents still living in the UK say that they feel less welcome than they did before the Brexit vote. Some say that they have even be threatened and told to go back to their home countries. That is all well and good, but who is going to take their place? As far as education and training programs are concerned, the UK has been on a bit of slow-burn over the last decade. The country and London, in particular, has heavily relied on foreign workers. It makes you wonder what is going to happen. But then again, maybe President Trump would like to come over and help London to finish the Cross Rail Project. As we all know, he is pretty good at digging himself out of a hole or two.