# Brexit Bites: Are Brits Better Off after Severing EU Ties? An Opinion on The Fallout
Ever since the contentious referendum in 2016 when the United Kingdom voted to break away from the European Union (EU), the topic of Brexit has become a heated and divisive issue. This blog post will delve into the aftermath of Brexit, analysing its implications on British society, economy, and politics - all with a touch of my personal insight, facts and expert opinions. Whether you're a fervent Brexiteer or an ardent Remainer, I encourage you to take part in this debate, as we navigate these uncharted waters together.
The Economic Impact: From London Tech to UK Startups
When it comes to the economic impact of Brexit, it's a mixed bag. On one hand, we've seen the London tech scene take a hit, with several companies decamping to EU countries to retain access to the single market. UK startups, especially in the fintech sector, have also faced hurdles due to loss of passporting rights, which allowed them to offer services across the EU without needing separate licenses.
However, it's not all doom and gloom. Despite initial fears, investment in the UK fintech sector surged by 34% in 2019, according to Innovate Finance. There's also been a notable growth in the number of new businesses, with a record 800,000 startups founded in 2020, according to the Centre for Entrepreneurs. Many attribute this to the 'Brexit bounce', a theory suggesting that the uncertainty around Brexit has spurred entrepreneurial activity.
Case Study: London Startups
Take the case of Revolut, for instance. Despite Brexit, this London-based fintech startup has become one of the fastest-growing companies in Europe, with a valuation of over $33bn as of mid-2021. Revolut managed to turn the challenge of Brexit into an opportunity by expanding their operations to other markets outside the EU, thus diversifying their customer base.
Social Impact: Immigration and Brits Abroad
Brexit has significantly altered the social fabric of the UK. The most apparent change is in immigration. Post-Brexit, the UK has shifted to a points-based immigration system that prioritizes skills over nationality, a move that could lead to a more diverse workforce.
However, this change has also led to a decrease in EU citizens migrating to the UK. This drop in EU migrants has had a profound impact on sectors such as hospitality and agriculture, which heavily rely on EU workers.
Brits Abroad: A Tale of Two Experiences
For British citizens living in the EU, the impact of Brexit has been varied. Some Brits, particularly retirees living in Spain and France, have faced disruption due to changes in healthcare and residency rights. Meanwhile, other Brits have managed to navigate the post-Brexit landscape with minimal disruption.
To navigate these changes, it's essential to stay informed and prepared. Depending on your personal situation, you may need to apply for residency, update your healthcare coverage, or adjust your business model.
Political Implications: Unity or Division?
Politically, Brexit has reshaped the UK's political spectrum, with traditional party loyalties giving way to Brexit allegiances. However, this shift towards identity politics has deepened the political divide in the UK and exacerbated regional tensions, particularly in Scotland and Northern Ireland.
Conversely, Brexit has also allowed the UK to chart its own course. Britain now has the freedom to form new trading relationships and to set its own laws and standards, which could lead to a more bespoke political and economic model.
Conclusion: Are Brits Better Off after Brexit?
So, are Brits genuinely better off after severing ties with the EU? The answer, much like Brexit itself, is complex and depends on one's perspective. Yes, the UK faces significant challenges, but it also has unique opportunities.
Regardless of where you stand on the Brexit debate, one thing is clear: the UK is in a period of transition. As such, Brits must remain adaptable, resilient, and forward-thinking. Moreover, it's paramount for us to foster open discussions about Brexit, its impact, and its potential – both the good and the bad.
I encourage you to join the conversation. Share your Brexit experiences, thoughts, and hopes for the future. Whether you're a London techie, a UK startup founder, or a British expat living in the EU, your voice matters. Together, we can navigate the post-Brexit landscape with informed perspectives and mutual respect.