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If you are unsure about the implications of Britain leaving the EU, you are not alone. According to Google Trends, two hours after the referendum polls closed in 2016, the Google Trends Twitter account reported a 250% percent increase in people searching “What happens if we leave the EU?”

Google Trends finds that after the referendum polls closed on the 23rd June 2016, many Britons were still unclear about the effects of their votes on leaving the EU and a worrying 33% of them were unclear if they were in the EU at all.

According to the National Institute of Economic and Social Research (NIESR), one of the country’s leading economic think tanks, Boris Johnson’s Brexit deal is estimated to cost the country £70 billion over the next decade. Compared to the alternative of staying in the EU, Brexit is estimated to shave off 4 percent from the size of the economy by the end of the 2020s. Although nobody truly knows the extent of Brexit’s effects on the UK, it is undeniable that its implications will reverberate throughout every strata of society.

Cheaper cost of education? Maybe
Theoretically, it may be cheaper to study in the UK after Brexit as the sterling pound depreciates relatively more than the Ringgit due to the uncertainty that arises during this resolvement period. For instance, on the 30th July 2019 when it was announced that there is a possibility for a no-deal Brexit, the value of the pound dropped to 5.02 per Malaysia ringgit from 5.14. Furthermore, Malaysian students and investors alike can take advantage of this opportunity by investing in UK student property as the British education will remain top notch regardless of Brexit. Similarly, foreigners from the EU and other parts of the world will not cease to enrol their children into British university as the demand for a British degree will in theory, remain unfazed. 

Tighten your wallets and your belts
Additionally, we must take into account that 30% of UK food is imported from the EU and Brexit will lead to a reduction in food varieties. Such food shortages could spur a price hike and may affect certain vulnerable groups, including some Malaysian students. If wages were to remain constant while food prices surged upwards, Malaysian students and British citizens alike will find eating outside to be relatively taxing to their wallets.

Improved job prospects 
Looking into the future, there is a potential silver lining in terms of job opportunities for Malaysian graduates in the UK post-Brexit. Since the EU allows for the free movement of labour, employers have a strong preference to hire EU graduates as compared to hiring non-EU graduates. This is due to the fact that hiring non-EU graduates requires the employer to sponsor a costly Tier 2 (General) Visa while adhering to stringent procedures which is not needed when hiring EU graduates. However, after the onset of Brexit, employers will no longer have the incentive of hiring EU graduates over Malaysian graduates, resulting in a huge decline in competition for us Malaysian students when entering the job market.

Visa Implications
For avid travellers, it is difficult to make spontaneous plans with friends to hop onto the next Eurostar train to Paris or Amsterdam. Malaysian students holding the common Tier 4 (General) Visa may have to apply for a separate visa two weeks in advance of the travel date in order to visit the Schengen Area – which includes all 28 countries in the EU. This would result in Malaysian students being subject to the strict processes and procedures in applying for a visa such as the submission of relevant documentation, health checks, and also higher costs of travel as one visa costs up to 60 Euros per person.

As students studying in a foreign country, uncertainty may be daunting. To mitigate the risks, consider being more prudent with your money in anticipation of the hike in prices of goods and services, and seek advice from your international office for trips to the EU. While some doors might open because it is relatively easier for firms to hire international students, the testy times ahead might mean that businesses do not recruit that frequently.