After the historic EU referendum, the British pound plummeted on Friday, but that’s just one of a number of financial crises the country can anticipate, experts say.
U.K. charities can expect to lose 217 million British pounds (about $296 million) every year, once Britain separates from EU, according to Britain Stronger in Europe. That’s the amount of money those groups got in funding from the EU in 2014, the most recent year for which such data is available.
Oxfam Great Britain received the most money from the EU that year. It got 39 million British pounds ($53 million). The International Rescue Committee got nearly 23 million British Pounds ($31.5 million).
While a number of charities and aid groups stand to lose a significant amount of funds, many have resolved to remain focused on their causes, and particularly committed to the refugee crisis as those in favor of separating want Britain to wield more control over immigration issues.
UNICEF U.K., for example, reaffirmed its support of vulnerable refugees in the wake of Brexit.
“Whether it be tackling poverty, or our role in helping vulnerable refugees in Europe and the world; we must not falter in our commitment to helping vulnerable children wherever they may be,” Mike Penrose, executive director, told Reuters.
Amid the uncertainty of the fallout, World Vision said it will do whatever it takes to stay on task.
“There are many unanswered questions about Brexit,” Tim Pilkington, chief executive of World Vision, told Reuters, “but, in the meantime, we’ll continue working alongside the U.K. Government to champion the rights of children and to shape policies that achieve this.”
While Médecins Sans Frontières/Doctors Without Borders criticized the decision, it had already separated itself from the EU recently.
The aid group, which brings medical care to conflict zones and underserved areas, declared last Friday that it would no longer accept funds from the EU.
The announcement came in response to the EU-Turkey deal, which granted Turkey financial and political rewards for halting illegal immigration through its territory.
Last year, the organization received 19 million euros (about $21 million) from EU institutions, and 37 million euros ($41 million) from member states.
“Deterrence policies sold to the public as humanitarian solutions have only exacerbated the suffering of people in need. There is nothing remotely humanitarian about these policies. It cannot become the norm and must be challenged,” Jerome Oberreit, international secretary general, said in a statement. “MSF will not receive funding from institutions and governments whose policies do so much harm.”
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