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Brexit uncertainty may see rise in UK bankruptcy

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The current uncertainty arising from Britain’s exit from the European Union may see a rise in people facing bankruptcy in the coming years. Some businesses are downsizing and many others are implementing a hiring freeze. This may lead to an increase in people struggling to pay their debts.

There is also significant uncertainly at the moment regarding the status of EU migrants’ right to work in the UK post-Brexit, making them unattractive hires.  EU migrants currently working in the UK also face the possibility of losing their jobs depending on the final terms of the government’s Brexit deal. 

While much of the impact of Brexit is yet to be seen, the lack of clarity on the final terms of Britain’s relationship with the European Union currently leaves UK workers in a precarious position. It is reasonable to infer that we will see a marked increase in people struggling with debt and a corresponding rise in bankruptcy petitions as a result of Brexit.