On June 23, 2016 citizens of the United Kingdom voted to leave the European Union. Here's what the Brexit means for Americans.
1. A stronger dollar = vacation!
Dust off that suitcase and book those plane tickets! The relative worth of the dollar increased immediately after Brexit, meaning that U.S. dollars are worth more overseas.
2. A stronger dollar = cheaper imports!
A stronger dollar, due in part to the decline in the British pound, means that items imported to the U.S. will be relatively cheaper for the U.S. consumer. In fact, the relative worth of the U.S. dollar against the British pound increased 6.3% on Friday June 23rd, the biggest one-day gain since 1967.
3. Game of Thrones
Game of Thrones is largely filmed in Northern Ireland, which is part of the United Kingdom. Depending on the U.K.'s negotiations with the EU, Game of Thrones could move to film more scenes elsewhere like Iceland, Spain, or Malta.
4. Mortgage rates
Mortgage rates in the U.S. are at the lowest level in three years, at an average of 3.54%, as the Federal Reserve responded, in part, to the Brexit vote.
5. Immigration policies to the U.K. will change
The Brexit vote was, in part, about the U.K. taking control of its borders and immigration policies. Therefore, Americans travelling to the U.K. and EU countries following the British exit from the EU will have to follow a new, yet to be determined set of travel and immigration regulations.
6. Trade and exports
In 2015 the United States exported $56.1 billion worth of goods to Britain. As the United Kingdom leaves the European Union, certain trade deals and policies between the U.S., U.K., and EU will have to be renegotiated, affecting American businesses and consumers.
7. Property investment in the U.S.
With the market in Britain uncertain, foreign investors will likely invest in U.S. real estate and property due to the stability of the U.S. market.