Brexit and your money

Money Box

BBC

Business

4.2 • 804 Ratings

🗓️ 9 January 2021

⏱️ 33 minutes

🔗️ Recording | iTunes | RSS

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Summary

For the first time since 1974 the United Kingdom is not part of the European Union, so how will this affect your finances?

We look at the new Global Health Insurance card and explore why we might end up with better compensation for delayed flights.

We also discover why some banks are closing UK accounts held by people living in the EU... and some aren't. And ask what UK pensions and benefits will be paid in future to British emigrants living in EU countries?

Presenter: Paul Lewis Reporter: Ben Carter Producer: Alex Lewis Editor: Richard Vadon

Transcript

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0:00.0	In Northern Ireland, from the late 70s to the early 90s, the IRA killed over 40 alleged informers.
0:08.0	But the man who often found, tortured and sometimes killed these people on behalf of the IRA
0:12.0	was himself an informer, a secret British army agent with the codename Stakeknife.
0:18.0	Who gets to play God? And why me? Why my family? When lies are still being told to this day,
0:24.0	who do you believe? I wouldn't even know where to start and I'm with the IRA.
0:28.6	Steakknife. Listen first on BBC Sounds. BBC Sounds, music, radio, podcasts. Hello and welcome to this first Moneybox podcast of 2021. So, happy new year. And this is the first
0:43.3	new year since 1973 that the United Kingdom has not been part of the European Union or the
0:49.0	European Economic Community as it was then. And to mark that, we're looking today at how
0:53.2	this change will affect your finances. Not all the changes that would take several podcasts longer than this, but some of the
0:59.4	main things that are concerning you, such as pensions, consumer rights, banking, things where we
1:04.2	have an answer. And we start with health, because one of the surprises of the EU-UK, trade and
1:09.0	cooperation agreement signed on the 30th of December was the provision for reciprocal healthcare when people from the UK travel to the EU. In the past, the European Health Insurance Card or EHIC was something we carried with our passport on a holiday or a work trip to another EU country. And that little blue card offered free or reduced
1:28.5	cost healthcare if we fell ill or needed medical treatment on the trip. The reciprocal healthcare
1:34.6	provision in the treaty will replace that, but the UK government wanted to go further and
1:39.7	introduce what it calls a global health insurance card or G. Hick. But how global is it? Well, global traveller Simon
1:47.1	Calder's here. He's the travel editor, of course, of the independent newspaper. Simon, the G-Hick,
1:52.6	a replacement for the E-HIC? Will it do exactly the same thing? Get you exactly the same treatment?
1:58.1	No, it won't. Oddly, it will, the only thing we know about it is that it will be valid in fewer countries
2:05.2	than the EHIC.
2:07.1	So less global?
2:08.3	Well, hang on.
2:09.6	We know so little about it, Paul, that it's too early to say.
	...

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