Don't tell me Brexit doesn't matter – I'm already £92,000 worse off
Unlike Boris Johnson, who was paid £94,507 for a single two-hour speech, I have to work hard for every penny I earn. Since the EU referendum I've been forced to cut staff and shrink my business
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Leavers claim that any talk about Brexit being bad for Britain is just Project Fear but, even before it has happened, Brexit is already having a devastating impact on many people. I know because I’m one of them. I’m £92,000 worse off than I should be right now thanks to cancelled work and the weak pound.
When I awoke the day after the referendum, I knew that the UK was in for a rough ride as it worked out exactly what Brexit meant. But I wasn’t expecting the impact to be quite so immediate, or so personal. I run a small business and, that morning, I’d barely finished eating my breakfast when I received a call from my main client who told me that two thirds of my work with them was now at risk. A few months later, they did indeed cancel – not just some of my contracted work, but the entire thing. The reason? Theresa May’s unstable government, Brexit and the forthcoming loss of EU funding had caused one of their key partners to pull out of a major project. I wasn’t the only one to experience the fall out; others inside the organisation also lost their jobs.
My small PR agency helps UK charities, social enterprises and mission-led entrepreneurs shout about their life-changing and life-saving work. I also own an online magazine, LEAD, that promotes diversity and inclusion in the workplace. My annual turnover averages around £100,000 – so you can imagine how hard it’s been losing £92,000 since the referendum. I’ve shrunk my team, cut costs and had a lot less income to live on.
When times are tough and employers need to tighten their belts, PR, marketing and training – all services that I offer – are the first areas to experience the biggest budget freezes and cuts. Since that first contract cancellation, I’ve had another project pulled, potential partners tell me they are not taking on new projects, and advertisers reluctant to confirm sponsorship, all because of Brexit. Either they are too nervous to spend in a time of such economic uncertainty or they have also lost funding and cannot afford to do so. Many of the organisations in my market are – or rather, were – recipients of EU funding. The Directory of Social Change has calculated that the UK charity sector is at risk of losing at least £258m when access to the EU structural and investment funds programme is removed.
No wonder these organisations are worried about Brexit. I am too.
I can’t afford to lose any more business. Unlike Boris Johnson, who was recently paid £94,507 for a single, two-hour speaking engagement, I have to work really hard to earn every penny. As many of those who run the UK’s 5.7 million micro and small businesses will also have done, I’ve put in countless long days, evenings and weekends to try and grow my business, missing birthday parties and weddings, cancelling family holidays and nights out with friends. Now it feels that everything I have worked so hard for is at risk, just because of Brexit.
I’m not the only person already counting the cost of leaving Europe. Research carried about by the University of Sussex has found that many companies exporting industrial products have already seen export sales fall, some by up to 30 per cent, and investment in their companies decline. The Federation of Small Businesses has found that some larger firms have stopped paying smaller suppliers as a means by which to protect themselves from the Brexit fallout. Elsewhere, friends and colleagues who also run small businesses have complained that Brexit is being used by current and potential clients as a reason not to spend – or not to spend as much – putting them in precarious financial situations.
The loss of business I’ve experienced has been compounded further by the weak pound. Contrary to what many Leavers claim, free movement is a gift to the British public. The ability to easily and affordably live and work in Europe offers a brilliant opportunity for us to learn new languages and skills, strengthen our understanding of our neighbours and their way of life, expand our businesses into new markets, and have a really great time while we’re at it. Removing this right from the British public is doing the nation a huge disservice, and we will all be worse off as a result – financially and culturally.
My husband and I wanted to take advantage of this wonderful opportunity before it was taken away from us. So, in July 2016, we moved to France. It’s been an overwhelmingly positive experience and we’re much more worldly-wise and skilled as a result. But the weak pound has meant we have lost a lot of our money as we’ve transferred income between the two countries.
Again, we’re not the only ones who’ve suffered: the fall in the value of the sterling has dealt a heavy blow to many of the 1.3 million Brits who live on Europe’s mainland, particularly those older residents who depend on a UK pension. Add to this the uncertainty over our right to live and work here, and many of our friends and neighbours in France are in a constant state of anxiety, with some experiencing depression and very poor mental health as a result.
I’ve lost a huge chunk of my livelihood thanks to Brexit – and I’m bracing myself for more bad news to come. Thank goodness wine is cheap over here in France; at least I might still be able to afford to drown my sorrows.
Becky Slack is the founder of Slack Communications and ‘LEAD’ magazine
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