A I R S h a r e

A Workforce Globalization Blog

How Is the Brexit Vote Affecting Expatriate Allowances?

Dec 01, 2016 @ 11:27 AM / by Gerald Abbey

The Cost of Living Allowance (COLA) is a central part of an international assignee’s package. What happens when this highly visible allowance is affected by current events?

Brexit and Expatriate Allowances

Brexit.pngWhether you have expatriates moving into or out of the United Kingdom, you are probably aware that the Pound Sterling’s value has been dramatically affected by the Brexit vote that occurred in June 2016. If you are wondering what the long-term and short-term effects on allowances will be, you are not alone. While the long-term effects are more complicated and will take time to sort out, the immediate effects are apparent.

Changes in Exchange Rates

Since the Brexit vote, many GBP exchange rates have had significant changes. From July through October, the GBP has weakened to record-breaking lows against many currencies. The GBP regained some of its previous month’s losses when a court ruled that Parliament may have to weigh in on the decision for the UK to exit the European Union. This ruling is expected to delay the UK’s departure from the EU. This is an example of the uncertainty that surrounds Brexit. Click below to learn more today!

Learn more.png

Topics: Mobility Policy, BREXIT

Gerald Abbey

Written by Gerald Abbey

Gerry currently fills a dual role as a manager of expatriate housing within AIRINC’s Data and Analysis Department and as Social Media Marketing Manager. As a member of the housing team since 2009, Gerry helps train cost of living surveyors in international housing data collection and analysis methodology, and also assists in the quarterly release of housing and utility data for over 500 locations. Due to the ever changing mobility needs of AIRINC’s clients, Gerry is also working with a product development team to enhance AIRINC’s housing tools to better service our clients’ needs. As the managing editor for content, style, and publication of AIRINC’s blog, Gerry is able to cross-connect his wealth of data experience into valuable content for our global professional following. Before joining AIRINC, Gerry spent two years living as an expatriate in Southeast Asia on a Fulbright Scholarship, teaching and researching international instructional methodology.