Theresa May and the Government have now set the Brexit negotiation start date as March 29th. As the pound has proven to be vulnerable, the people who’ve had their doubts about Brexit in the first place are taking financial hits.
Some of the multicultural shops and restaurants around the Holloway Road area of Islington are already beginning to feel the pinch.
Stephano Paganuzzi, manager of the Amici Coffee Deli said: ‘Our coffee, milk and food products went up by ten per cent already. It’s very difficult for us, especially the fact that I’ve heard that they will rise another ten per cent in April.’
When the pound drops, small local businesses need to spend more money on foreign goods. This means that they have a choice to make between cutting their own profits or passing extra charges on to the customer.
Sameen Jaff, 45, opened a restaurant in Caledonian road about four years ago. He said: ‘ I don’t understand why people voted for this – it is hurting my business a lot. It is hard for us to find people that want to work here.
‘British people don’t want to work in our café and people from other countries are afraid to come. They think as soon as Brexit happens they get sent back anyway.’
Islington Council was asked if they had any sort of guidance plan set up for local businesses but they said they didn’t have time to give a response.
Brexit won’t happen immediately: it will take at least another two years of negotiations between the EU and the UK before definitive leave regulations are set in place.
Meanwhile, businesses are hoping they can avoid price hikes for as long as they can.