Along with the rest of the world, How2Become was shocked to wake up to the news that Britain has opted to leave the EU. After a close and often bitter campaign, Brexit crossed the finishing line with a 52/48 split just after 6am this morning. David Cameron has already resigned, and Britain is struggling to process the decision.
So, what are the consequences of this on the job market? How will Brexit impact YOUR chances of obtaining your dream career? In this blog, we’ll look at what may and may not happen in the coming days, weeks and months.
Brexit Company Relocation
If you’ve been following the news, you’ll be aware that a number of large companies have threatened to move large branches of their services out of the UK, if Brexit went ahead. Organisations such as Goldman and Sachs and HSBC were among these companies, but there has been no noise from these organisations as of yet. It could well be that these companies were bluffing, and that your career with the major banks won’t require a major relocation. Not right now, anyway.
What if I want to get a job in Europe?
Inevitably, the Brexit victory means that working on the same terms in Europe will no longer be possible. As members of the EU, British citizens were able to work in countries such as Germany or France without needing a special visa, and under the exact same terms as citizens in those countries. Now, it’s likely that young people will have less access to job opportunities abroad. Restricted freedom of movement will almost guarantee this.
How about studying abroad?
So, how about studying abroad? Well, the unfortunate truth is that the same applies here. It looks likely that as students aren’t a part of the EU, those who are studying abroad will end up paying international rates, on top of finding it hard to get a visa. In terms of studying in the UK, the number of EU students is almost certain to reduce from the current 20,000, making UK universities drastically different and less multi-cultural in the process.
Less immigrants, more work?
If you believe the likes of UKIP, then less migrants will mean more jobs for young people. However, this isn’t necessarily the case. Evidence shows that immigrants put more into the economy than the taxes they take out. They provide a positive boost to the UK. Potential business looking to set up in the UK will now be reconsidering their options. This is what will lead to a lack of jobs, not immigration and migrants.