Brexit Shock from a Hungarian Point of View

Goran BULDIOSKI and Peter NIZAK Co-Director and Hungary Project Director Open Society Initiative for Europe (OSIFE) Brexit will undoubtedly have negative effects on Hungary but will not cause a “Huxit,” as some media have already speculated. Nevertheless, we can easily identify tangible harmful short-, mid-, and long-term consequences on Hungary. The first and immediate negative impact is the uncertain status of hundreds of thousands of Hungarians who work in the UK, the exact number of which is unknown. Hungarian official data point at 112,000, whereas official data by the Office of National Statistics of the United Kingdom refer to 150,000 in 2014. Same year, György Matolcsy, the governor of the Hungarian National Bank made a much bolder statement by alluding to 300,000 Hungarians working in the UK at the time. Irrespective of the exact number, 100,000 represents a loss of 2 percent of the Hungarian labor force. The trend of Hungarians