As recession bites deeper into the United Kingdom, our usually strong pound has recently been derided as a “Peso Pound” abroad.
At the time of writing, a pound is worth $1-44, One Euro or Forty-One Russian Rubles. A collapse of over 25% in just a few short months.
Anybody with a second home in Europe or the USA, who did not stack ample cash reserves in those currencies already, will already be feeling the pain in the form of increased sterling equivalents when paying their Euro or Dollar denominated mortgages.
Anybody in the Euro zone or the USA who receives income in £ sterling will be similarly reeling, as are holidaymakers and importers.… Click here to continue reading this article