It’s not just bankers who stand to lose if Britain leaves the European Union. It’s also their spouses. One London banking wife, who blogs under the pseudonym Notting Hill Mummy, has taken to the internet to express her support for staying in. Alongside the standard reasons (the economy), she offers some more novel justifications for remaining part of the EU – all of them relevant to metropolitan high earners and some of them particularly pertinent to the partners of London finance professionals.
1. The help
If Britain leaves the European Union, what will happen to all the French, Italian, Polish and Hungarian nannies? “Have you ever waited for your nanny/housekeeper’s visa to come through? The UK just wouldn’t be able to cope,” says Notting Hill Mummy.
2. The weekend breaks
If Britain leaves the EU, there’ll be no more jetting off to the Greek islands for the weekend. Or Spanish islands, come to think of it.
“We all hop on a plane (Easyjet) to fly to Greece/Sardinia/Ibiza/South of France. Being in the UK means that this is easy, fluid and open,” says the Mummy.
Not just that, but the pound is likely to fall: even if you do make to Ibiza for the weekend, your spending power is likely to be less.
3. The house prices
If you live in London, your house is likely to be your primary asset – or at least your primary liquid asset if your historical bonuses are tied up in unvested stock. “The housing market is already in a precarious situation and is doomed to fall if Brexit happens. Already, we’ve been feeling the strain on the housing market with increased stamp duty and other George Osbourne obstacles. Isn’t that enough?,” she asks.
4. The schooling
If Britain leaves the EU, husbands and wives of bankers who’ve got used to living in London might need to get used to living in Frankfurt – or Paris, or somewhere unedifying (Luxembourg?). Notting Hill Mummy doesn’t say so explicitly, but this will disrupt children’s schooling and cause general chaos in family logistics.
She does note that universities in the UK are averse to Brexit and that a split is likely to be detrimental to standards at Britain’s educational institutions. If you’re a senior banker who aspires for your children to have a global outlook, the post-Brexit the implication is that you might want to send your children to a university overseas – a move that will entail plenty of additional costs.
5. The vibe
Lastly, NHM notes that London is like nowhere else. If Britain leaves the EU, London will be diminished.
“I consider London to be the Capital of the World: it is international, dynamic, you can easily travel to the four corners of the world from it, and it is tolerant. Closing down its barriers will make it a worse place,” says NHM. “I am biased, but I hope you’ll join me to stay in the EU.”
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