During the referendum campaign, the Prime Minister, David Cameron, said the so-called ‘triple lock’ for state pensions would be threatened by a UK Brexit. In their 2015 election manifesto, the Conservatives promised to extend the triple lock on state pensions – a guarantee that they rise every year until 2020 by at least 2.5%, the rate of inflation or growth in earnings if it is higher. until 2020.
As was widely predicted, a vote to leave the EU wiped billions off companies’ share prices. Low interest rates and volatile stock markets are likely to be the order of the day for the foreseeable future, and any rise in interest rates would be good news for savers.
A week before the EU referendum, the Chancellor of the Exchequer, George Osborne, warned that a vote to leave the EU might result in tax increases too. He spoke about a 2p rise on the basic tax rate (currently 20p in the pound) and a 3p rise in the higher rate (currently 40p). He also said Inheritance Tax (IHT) might rise by 5p from its current 40p in the pound. But to do so would go against the Conservative Government’s promises at the last general election, making this decision to implementdifficult politically.
Before the EU referendum vote, the Treasury predicted a vote for Brexit would mean a rise of between 0.7% and 1.1% in borrowing costs. The Prime Minister, David Cameron, claimed the average cost of a mortgage could increase by up to £1,000 a year.
The Prime Minister, David Cameron, announced on Friday 24 June he would be stepping down as prime minister by October, and he or his successor will need to decide when to invoke Article 50 which sets in motion the formal legal process of withdrawing from the European Union and gives the UK a period of two years to negotiate its withdrawal.
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