On Friday Britain voted to leave the EU. Even though our national security will not change, there will be a lot of changes to you and your family.
At the present moment in time nothing will change. Negotiations to leave the EU will only begin once Article 50 of the Lisbon Treaty has been declared.
Most changes will start to come into force once Britain formally leaves the EU in two years’ time.
Flight prices may increase as the Open Skies agreement will have to be re-negotiated.
The Open Skies deal used to mean that Briton’s could enjoy continental travel at cheap prices.
This will be renegotiated in the future but is likely to get more expensive to fly abroad.
It might cost more to but your holiday Euros this summer.
In the EU, we are able to travel freely among the countries who were members without needing a visa.
The pound will decrease when going abroad.
Our passports are expected to go through a radical re-design so they are not confused with the old ones.
We will lose the words ‘European Union’ from the top of the front cover and it is expected that they will change colour.
The most likely situation is that old passports will continue to be valid until they need to be renewed.
Fuel prices are set to rise by as much as three pence next week in the aftermath of Brexit.
The plunging pound will also have an immediate effect on the cost of fuel.
Motorists could see petrol prices go up as early as next week.
But as the pound starts to strengthen again, the cost of fuel will start to balance out again.
House prices are expected to drop by as much as 15%
Experts worry that this could leave Britain vulnerable to foreign investors. And those living overseas could take advantage of the lower house prices.
Interest’s rates are expected to remain low.
Before the referendum, David Cameron said that mortgage costs could go up to £1,000 a year.
Higher interest rates will mean a better market for tenants, but a tough deal for buy-to-let landlords.
Many expect interest rates to be cut over the next six months.
Private pensions are set to decrease in value with the financial market.
Expect the price of shopping for everyday goods to rise. Britain relies heavily on imports for everything from bacon and fruit to fashion and electrical items.
Membership of the EU allows us to trade internationally without having to pay a tariff.