Britons Living in the European Union are Financially Fearful
The majority of the estimated 1.8 million Britons living in the European Union are “increasingly financially fearful – and rightly so” over the rising risk of no-deal Brexit, warns the world’s largest independent financial advisory and fintech organisation.
The warning from James Green, deVere Group’s divisional manager of Europe, comes after last week’s latest round of critical talks – the seventh – between the UK and EU ended, again, in deadlock.
On Friday, the UK’s chief negotiator David Frost told reporters a deal “will not be easy to achieve. Substantive work continues to be necessary across a range of different areas of potential UK-EU future cooperation if we are to deliver it.”
For his part, the EU’s chief Brexit negotiator Michel Barnier said he was “disappointed” by the lack of progress.
Mr Green observes: “With just months to go until the end of the transition period, the risk of a no-deal Brexit is real and it’s rising.
“Currently, there seems little hope of a deal getting done as both sides are showing no indications of altering their positions.
“This saga is making Britons living across Europe increasingly financially fearful – and rightly so – as they could be disproportionately affected by the UK crashing out of the EU.”
He continues: “There are major concerns that existing payments from UK organisations to those living within the European Economic Area (EEA) could be disrupted or even made impossible.
“As such, in the event of a no-deal Brexit, many UK expats could find that their pensions, insurance and healthcare provision could be adversely affected.”
In addition, says James Green, the “already Brexit-pummelled pound” is likely to shed more value.
“This would, again, mean that those who live in the eurozone and receive UK pensions or income will be financially hit.
“Their purchasing power has already been significantly reduced ever since the 2016 EU referendum – the last thing they need is for the pound to fall further still.”
According to research from deVere Group published in mid-July, 36% of UK clients who live overseas (globally) have actively sought to mitigate the financial impact of Brexit, or are currently doing so.
“In the circumstances, it’s perhaps no surprise that those most likely to be adversely affected are taking measures to create, build and protect their financial assets in a likely no-deal era,” says Mr Green.
Against this backdrop, deVere Europe reports a 15% increase in business.
He concludes: “It’s sensible for these people to ensure financial strategies are best-positioned for any outcome of the Brexit talks.
“This exploration of options is likely to include considering all their international opportunities – especially as they can often capitalise on their expat status for their financial benefit.”
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Nigeria’s Presidential CNG Initiative Allocates N100bn for CNG Buses and EV Adoption
The Presidential Compressed Natural Gas (CNG) Initiative has allocated N100 billion to expedite the deployment of CNG buses nationwide, according to a statement released on Wednesday.
The initiative, designed to catalyze an Auto-gas and Electric Vehicle (EV) revolution in mass transit and transportation, aims to enhance sustainability and cost-effectiveness.
The statement revealed that the fund would be instrumental in supporting the adoption of auto-gas and electric vehicles, signaling a commitment to a more sustainable and economical future in the transportation sector.
The Presidential CNG Initiative plans to leverage over 11,500 CNG and electric-fueled vehicles, along with the deployment of 55,000 conversion kits.
This strategic approach is intended to reduce transportation costs for Nigerians and mitigate the challenges posed by the rising cost of living.
Under the Renewed Hope Agenda, the Presidential CNG Initiative is dedicated to realizing the President’s vision, guided by its steering committee led by FIRS Chairman Zacch Adedeji.
The statement highlighted recent achievements, including strategic technical partnerships and the ongoing commissioning of CNG Conversion centers in key states such as Lagos, Abuja, Kaduna, Ogun, and Rivers.
Several more centers are slated for commissioning in the coming weeks, reflecting the initiative’s momentum and commitment to achieving its objectives.
Nigeria’s Power Transformation: 53 Projects Worth N122bn on Track for May 2024 Completion
The Central Bank of Nigeria (CBN), in collaboration with the Transmission Company of Nigeria (TCN) and power distribution companies, is set to complete 53 power projects by May next year.
Valued at N122 billion, these projects aim to add over 1,000 megawatts to TCN’s wheeling capacity.
During a recent tour of three ongoing projects in Lagos, TCN’s Programme Coordinator, Mathew Ajibade, assured that the projects were not abandoned, refuting speculations.
He confirmed that work is progressing smoothly and is expected to be completed by May 2024, as initially planned.
Assistant Director/Head of Infrastructure Finance Office at the CBN, Tumba Tijani, highlighted the CBN’s support for the power sector, revealing that the bank released a loan at a 9% interest rate in August last year for the projects.
The funding, part of the Nigeria Electricity Market Stabilisation Facility-3, amounts to N122,289,344 and aims to address transmission/distribution bottlenecks, enhance supply to end-users, and unlock unutilized generation capacity.
Tijani disclosed that N85.43 billion has been disbursed into the Advance Payment Guarantee account of the 53 contractors responsible for executing the projects.
The comprehensive project list includes the delivery of power transformers, re-conductoring existing transmission lines, upgrading existing substations, and constructing 33KV line bays.
The initiative reflects a concerted effort to enhance Nigeria’s power infrastructure and meet growing energy demands.
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