A shock EU referendum result has rocked the UK in the past week, and the effects that will ensue are concerning the majority of its citizens. There is no doubt that tough times are ahead, particularly where the economy is concerned, and it seems people are fretting over just how much of our system is going to be affected. HMRC has issued a message to reassure the nation that nothing has changed…yet.
HMRC were quick to issue a ‘carry on’ message that stated that no laws were changed since the result was released and a Brexit confirmed. The message is cleverly recorded and played out when the helpline is called. The audio assures callers of no change to any taxes, tax credits, general HMRC services or child benefits as a result of the referendum. Although it is somewhat of a given that financial services will change in the future, in the immediate aftermath, nothing has, or will be altered. Those that didn’t vote for a Brexit, or even those that did, are desperately anticipating the political changes that are in store. As chaos ensues, HMRC stresses that there is no need to contact HMRC as a result of the referendum as everything will run as normal.
There is no denying that the country is now at a risk of recession after leaving the European Union, and when the bigger picture is viewed, there will almost certainly be changes to tax laws and benefits, but if people start jumping the gun and ignoring tax deadlines, a financial deficit will come much sooner than expected.
Following the controversial result of the referendum, was the resignation of Prime minister David Cameron, which plunges the UK into further uncertainty. As a result of the UK’s departure, article 50 must be put into place, David Cameron has announced that it will not be triggered until a new Prime minister has been elected and there is a clearer picture of the country’s future. He wants to leave the dealings of article 50 (rules that apply to how a state leaves the EU) to his successor, as he notoriously campaigned for a ‘remain’ result. It is now left to decide who is strong enough to actually get things under way, with the risk of the collapse of a country on their shoulders. With so much at stake it begs the question, will the UK actually leave the Eu at all? The process has yet to begin and will definitely be a slow and lengthy one.
In agreement with David Cameron, Leave campaigners such as Boris Johnson and George Osbourne have agreed that Article 50 should not be triggered immediately, with a slow and careful exit of the EU being safer and more logical. Whilst assuring us that the economy was in a strong enough state for what was to happen, he told people to expect a hard process of adjustment and uncertainty as this will be inevitable. He has, however, been sure to say that relationships with the EU will not change overnight.