Time to keep calm and carry on

Will Davies of Kent Re­liance con­sid­ers the im­pact of Brexit on our fi­nances.

Kentish Gazette Canterbury & District - East Kent Property - - FRONT PAGE - Call 0845 122 0022

It is easy in an age of in­stant ac­cess news, 24-hour cov­er­age and un­re­lent­ing so­cial me­dia commentary to get swept away on a wave of con­cern for what lies ahead.

But the clear mes­sage from the gov­ern­ment and the fi­nan­cial sec­tor is the old Cor­po­ral Jones adage; “Don’t panic!”.

Es­sen­tially most busi­nesses are the same to­day as they were be­fore the ref­er­en­dum and this is cer­tainly true of Kent Re­liance. Sav­ings, are just as safe to­day as they were be­fore the vote to leave, as the Fi­nan­cial Ser­vices Com­pen­sa­tion Scheme pro­tects up to £75,000 of sav­ings for in­di­vid­u­als or £150,000 for joint ac­counts.

Since 2009, in­di­vid­ual sav­ings prod­ucts have ex­pe­ri­enced in­ter­est rate move­ment due to the bank base rate change to 0.5%.

Changes to vari­able rates are in­flu­enced by a wide range of con­sid­er­a­tions, such as the rates your com­peti­tors are of­fer­ing and also a com­pany’s liq­uid­ity ca­pac­ity.

There­fore while Brexit may be a con­sid­er­a­tion in re­gards to in­ter­est rates, it is un­likely that this will be the sole driver of change.

Our exit from the EU won’t be a quick process ei­ther, giv­ing busi­nesses the op­por­tu­nity to plan what course of ac­tion they will take in light of the change.

While the ref­er­en­dum out­come may well present a few chal­lenges to the fi­nan­cial sec­tor, it is cer­tainly not doom and gloom. Ac­com­mo­dat­ing change and be­ing flex­i­ble are nec­es­sary skills busi­nesses in all sec­tors must adopt in or­der to sur­vive.

Kent Re­liance and other fi­nan­cial providers have seen many changes over the years and have proved their abil­ity to adapt where ap­pro­pri­ate, so even in light of Brexit, it is very much busi­ness as usual.

Our exit from the EU won’t be a quick process ei­ther, giv­ing busi­nesses the op­por­tu­nity to plan what course of ac­tion they will take in light of the change

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