How Will the Brexit Affect the Sharing Economy?

Sharing has never been easier – but how will Britain’s decision to leave to EU impact the Sharing Economy?

The UK’s decision to leave the EU is set to affect currency, house prices and even jobs – but how will it affect the Sharing Economy? Letting someone walk your dog, filling your spare room or making use of your unused car are all ways you can be a part of the ‘Sharing Economy’ which in its simplest form, helps people make the most of the things that they have. This means a new way of living and a new way of spending money. So, will the decision to ‘Brexit’ have an impact upon this ever increasing sector?

The potential to earn from your unused assets has really flourished in the past 4-5 years with the arrival and growth of companies like Airbnb have allowed users to grow comfortable with the idea of sharing. Recent data even shows that renting out a car that is typically left unused can earn someone up to £2,000 a month, and seemingly the results of the EU referendum will not halt this success.

Graeme Risby, the co-founder and CEO of HiyaCar said: “Friday’s news regarding the UK’s exit from the EU is very disappointing.

This exit could potentially make recruiting more difficult when it comes to attracting the best talent which could be a challenge. This exit could also have a negative impact when it comes to raising investment for some UK companies as I’m sure overseas investors might shy away from the UK due to a lack of near term stability.

A recent study by HiyaCar, the platform that allows you to rent cars from people in your community, spoke to 2,000 UK adults revealing that there is not just a lack of trust amongst the public when renting out their assets, but also amongst people purchasing items on popular online marketplaces, such as eBay and Gumtree. In fact, over two thirds (68%) said they don’t feel they trust who they’re buying from when shopping on marketplaces – but Graeme doesn’t believe these tech businesses will feel the pinch of the Brexit and will still offer great ways of saving money.

Graeme added: “Ultimately I fundamentally believe that HiyaCar and other sharing economy companies within the UK will carry on growing at a fantastic rate. For the majority of tech companies that operate within the UK sharing economy sector, we are accustomed to adapting and moving at a fast pace. I hope it’s the same for other companies within different sectors.”

Despite the influx of popularity within the sharing economy, further results from the study show a generational divide, with those in the 18-24 bracket proving themselves to be more relaxed than those over 55. Nearly double the amount of 18-24 year olds (23%) would utilise a spare room for extra cash in their pockets, compared to over 55’s (14%). Similarly, nearly a quarter (22%) would rent out their car compared to just one in eight (13%) of those over 55.

Graeme Risby went on to add: “The sharing economy is happening, and it’s better to be part of it than an onlooker. I personally hired out my car recently for a week and had a fantastic experience. I made £448 which has covered two months of loan payments and more importantly the car hirer really enjoyed using my car. The sharing economy is here to stay, sharing is infinite and sustainable. My advice would be to embrace the sharing economy as it’s a great way to meet people in your community and everybody really does win. As the old saying goes…Sharing is caring.

HiyaCar exists because we want to see a world where communities have the freedom to have a better life. This might be financial freedom from the extra money owners make from sharing an idle asset, or freedom for people to hit the open road who have not previously had access to a car. For me, there isn’t a more exciting and socially rewarding sector in the world in which you could be part of as a company owner.”

Author: Dylan Jones

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