If it wasn’t so tragic it would be funny. The same tabloidnewspapers that slammed predictions of market crashes are now informing readers about what Brexit will cost them.
On Friday, the Sun published the first article looking at the fallout from the crash in the Pound.
The value of sterling dropped by ten per cent on news of the referendum result which, in the short term means that buying goods or services from other countries will become more expensive and other countries will be able to buy from us at a cheaper rate. …
A fall in the value of the pound could mean the price of holidays abroad would go up – but don’t panic, it’s not yet clear if this will happen. In the short term, accommodation could cost more and the price of a beer in the Eurozone could set you back a bit more.
So that’s the cost of everyday goods, holidays and perhaps even mobile charges that could go up.
The same day, the Sun also gently let readers know that Brexit means UK citizens “will soon lose their right to live and work in EU nations”. It then pointed out that many Britons would likely have to renew their passports eventually, which could cost more.
The Express earlier claimed worries of job losses and higher prices was ‘doom-mongering‘.
On Monday after Brexit, the Daily Express than gave readers a more balanced view of the economic impact:
Britain’s economy would grow more slowly outside the EU than if it stayed in, according to a raft of projections made in the run-up to the referendum by the government, the BoE, think-tanks, international organisations and hundreds of academics.
More than £100 billion has been wiped off London’s FTSE 100 and ratings agency Standard and Poor’s warned it would likely downgrade the country’s triple A rating.
The Daily Mail was no different. After weeks of railing against ‘Project Fear’, it told readers the day after the vote that holidays, currencies, financial products, travel and other goods may now be more expensive.
Before the vote, a number of budget airlines, including Luton-based easyJet and Dublin-based Ryanair, warned that the rolling effect of a vote to leave the EU could force them to charge more for airfare if there’s an increase in jet fuel prices, which are tied to US dollars, and they lose their ability to operate in the EU’s common aviation market.
But the most shamless piece of advice came from The Sun (no surprise).
The Sun warned that EU passports were ‘being flogged’ to home buyers for chance to come to UK, before Brexit.
A few days after, it advised readers who wanted to keep EU passports to “start looking into their family tree”. Passports for some, but not others, eh?
Maybe they should have discussed these issues BEFORE the vote?