Watching BBC World News on 29th November I heard the comments made by the Governor of the Bank of England regarding the effects of the UK leaving the EU without reaching an acceptable Brexit deal. The G. of the B. of E. indicated the Pound could plummet (his words) against other World Currencies. Currently the Thai Baht/Pound is trading at B41.87 (30th November) and a number of colleagues have indicated this could fall to B35 to the Pound. This rate was that which I received when I first visited Thailand many years ago. However, prices at that time were more than reasonable in shops and bars.
Should the Pound fall to such a level the effect on those UK Farangs having to deposit B800,000 into a Thai Bank Account or B65,000 per month (whichever option they choose) will be devastating to many. The current trading value of the Baht to Pound I calculate at Pound 1587 per month or close to Pound 19,000 per annum, it does not take a mathematician to calculate the Pound cost should the Baht fall to B35. Per annum = Pound 22,000 + or per month = Pound 1,857!
It is my belief that the UK Govt. cares not a jot for those UK Citizens choosing to live abroad and currently not being a drain on UK resources, financially or otherwise. Should those Farangs opt to return to the UK due to the impact a no Brexit deal could have on them, the financial impact on the UK would be very heavy. Increased Pension receipts, free bus travel in their local area, free medical cover through the NHS and other benefits which could be claimable depending on their personal financial status.
I also believe that the impact this could have on the Thailand/UK Tourism trading would be immense, with many deciding to visit other countries rather than a currently expensive Thailand, again dependent upon the trading value of the Pound.
There certainly appears to be no winners in this situation and all we ex-pat Farangs can wish for is a reasonable Brexit deal and a status quo in living conditions. Thailand is and always will be a beautiful country with wonderful people and weather and let us pray that Theresa May comes to her senses and makes the right decisions on behalf of us all.
A Very Concerned Farang