The loss of interest by major markets will be because very few of the people in these countries know any European languages, except English, says a study carried out as part of Europe 2016 Wealth Report by New World Wealth.
According to the report, after Brexit, Ireland will be the only English speaking country left in the EU. This will likely result in a large inflow of EU migrants into Ireland as most EU citizens have English as their second language (very few EU citizens know French, German or other European languages).
“As a result, we expect over 3 million EU citizens to enter Ireland over the next 5 years – this may create some panic in Ireland and may cause them to hold their own referendum in a few years,” says the report.
UK's exit will also have its impact on Turkey's plan of joining the EU, which is less likely to materialise now.
For many EU citizens, the possibility of going to the UK without restriction was the cherry on the cake as it was an English speaking country with a good social welfare system and offered a route to other English speaking countries such as the US and Australia through work transfers. However, with Brexit, this facility would go away and it will become the main factor that encourages other countries to leave the EU. “We expect Holland and Ireland to be the next countries to leave the EU (within 5 years). We expect the 'big 4' EU markets of Germany, France, Italy and Spain to stay,” the report states.
The study suggests that UK should re-introduce two year working visas for young people from other English speaking countries like Australia, New Zealand and Canada. This will ensure that well educated young people continue to come to the UK. (RKS)
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