Portugal and the Brexit
Image: http://theportugalnews.com/uploads/news/PT_UK.png
This is my first blog post within Bitmaker, so perhaps a small introduction is necessary.
My name is Michelle, and I’m a Geography undergraduate from the UK. I’ve been at Bitmaker for two and a half weeks now as the Internationalisation and Marketing intern. It’s been a pleasure learning so much about the work of Bitmaker, especially as my course is a little far from the expertise of the company.
This is my first time coming to Portugal, yet alone working in Portugal. However, within the space of two weeks, I’ve seen my identity change instantly since the EU Referendum results came in. Before the results, when people would find out I’m British, I’d be immediately faced with “Where in the UK are you from?”, pleasantries about the UK and any experiences they’ve had or would like to have there. Since the results, I’d now be faced with “Wow, you’re a foreigner here now aren’t you!” “What would you do if you couldn’t return to the UK with your current passport?” “How do you feel about the Brexit?”
These questions are interesting to me. They aren’t offensive at all, but rather I relate with many Portuguese people I’ve met believe that Brexit is a disaster. Indeed, the catastrophe has already begun; not just in the falling of the value of the Pound and plans for companies to leave the UK to other favourable EU cities like Berlin, but also for the first time ever, the Labour and Conservative political parties are simultaneously about to lose their leaders and are in desperate need of a new one.
But what does this mean for the economy and the people of Portugal? The UK trades significantly with Portugal, and vice versa, and this is likely to reduce as this trade will have tariffs attached and more strenuous logistics and paperwork. This could be disadvantageous, especially for Small to Medium Enterprises (SMEs). Portuguese markets will be less favourable to trade within, and the same for Portugal regarding the UK. There is already talk of the “Trexit”, where technology firms are beginning to leave the UK. This may mean for companies like Bitmaker Software, fewer clients will be firms based in the UK. This could make a noticeable impact in the Portuguese economy, as well as the profits of tech firms, who will either have to find new and cheaper markets to trade within, or pay the price of continued trade in the British market. In addition, with the new necessity of visa applications for British people, Portugal may be a less likely tourist and work destination, meaning a reduced contribution to the economy. As a matter in fact, I’m quite sure that I wouldn’t be in Portugal today if the UK wasn’t in the EU.
What do you all think about the Brexit? What do you think will be the repercussions? Comment below!
