The Brexit Effect
As the dust settles on Britain’s monumental decision to leave European monetary union, what are the implications for UK freelance creatives and the design industry?
A lot of the articles we’ve seen have been very negative; predicting that economic recession combined with loss of EU funding will cut advertising budgets and that UK design culture will be slowly degraded by a lack of European influence in the future.
Of course there will be new challenges ahead, however this view seems unreasonably pessimistic.
To the contrary; looking at the short/medium term economic impact of Brexit on our economy, there is good reason to believe freelance creatives in the UK should be very optimistic right now.
The ‘Economics’ bit
Brexit and the ensuing political chaos has sparked a huge fall in the strength of UK Sterling against foreign currencies, particularly US dollars and the Euro.
At times it has been as much as 11% more expensive for UK companies to use creatives based in Europe and 12% more expensive for them to use creatives who need to be paid in dollars.
Overseas clients, particularly in Europe and the U.S, benefit by similar margins from using UK creatives.
The markets have seen some recovery since these low points, but the pound is not expected to return to it’s previous level any time soon and may well fall again with the eventual invocation of article 51.
All this means that, for the foreseeable future, it will remain much more attractive for both UK and international businesses to use UK-based creatives so that they can pay them in pounds.
Whether you agree with Brexit or not, the current economic situation is undoubtedly advantageous for UK based freelancers operating in a competitive international marketplace.
Take this opportunity – now is a time to be positive, get proactive and promote yourself to new clients.