Goodbye to Erasmus, border controls, more complicated work in the UK or simply go there for tourism: after the trade agreement reached between the British government and the European Commission many things change in relations between the UK and Europe. There are many details that still need to be clarified but some news are certain. In the meantime, let's see those.
UNIVERSITY'
It will be much more expensive to study in the UK. Indeed, the British government came out of the Erasmus programme. And therefore, from next year, European students will have to apply for a visa in order to study in the country and will pay much more expensive fees: about double what was paid up to now given that European citizens enjoyed the same rights as British citizens. There is talk of figures that can even reach 30.000 euros a year, in line with non-EU students such as Americans or Chinese. However, those who have already started the courses before 31 December 2020 will keep the same fees as before.
It is not only European students who are damaged but also English universities which will lose the contribution of many brains as well as no longer collecting European contributions for universities and research.
Boris Johnson has promised that he will replace Erasmus, which he believes is too expensive, with a program that will allow British students to have exchanges with the rest of the world.
TOURISM AND WORK PERMITS
Anyone who wants to work in the UK must have a visa and he will be able to obtain it only if he has already received a job offer and a guaranteed salary of at least 25.600 pounds (about 28 euros). Exceptions are foreseen for the health sector and for other essential sectors. Discounts are also available for those with a research doctorate (especially in scientific subjects) but it changes the dream of many young people who went to the UK to study English and supported themselves thanks to small temporary jobs such as being a waiter or a clerk in some shop or department store.
A visa is not required for tourists but an identity card will no longer be sufficient to enter the UK. You will need a passport and you can stay for a maximum period of three months.
FINANCE AND MONEY
From the point of view of the currency, nothing changes since the Pound has never joined the single currency. From the point of view of finance however, the UK-EU agreement does not cover the financial services sector. In the midst of uncertainty, many banks and companies that had chosen the City as their headquarters have long since packed their bags and decided to move to Europe.
The exodus of bankers hasn't exceeded 4 per cent so far but UK investment funds have seen clients withdraw more than $2 billion from their portfolios. Last year trade between Italy and Great Britain was around 30 billion, with 20 billion of our exports and ten of imports (therefore a largely positive balance). This year the pandemic has seen volumes contract by around 20 percent, but 2020 should still close with trade of around 25 billion.
Many companies will have to adapt to the new customs regime: the agreement does not include duties in a logic of free trade between the UK and the European Union but the reopening of customs and border controls it will lengthen the times, make import-export more complicated and will contribute to increasing the prices of goods and services in both directions.
