alcazar

iTrader: (2)

If there is, then WHY is the £ in freefall against the €?

6 years ago, when I bought out property in France, the rate was £1 = €1.63.

It fell to around £1 = €1.48 fairly soon after, and stood there for a year or so, then fell again to £1 = €1.42.

This time LAST year I was getting £1 = €1.40/€1.38.

It was £1 = €1.40 last October.

Then we went again at february, and got €1.33, and today in preperation for a visit to Dublin, it's €1.23

Now that means that the £ has lost 12% of it's value against the € since last October, and a whopping 24.5 % since it's inception.

WTF is going on? If the WORLD is in recession, why are the so-called weak European markets holding up SOOOOO well? We have been told again and again that the £ is a STRONG currency, but the € seems stronger.

If the present rate loss continues, we'll be at parity by September

Alcazar

boxst

Yes I was in Poland last week and Brussels on Monday and the pounds seems sunk at the moment.

Poland: Last year 5.6z = £1
Last week: 4z = £1

And as you say the Euro is only €1.24.

Steve

Wurzel

iTrader: (1)

I think it is fantastic that the pound is losing its value, it means all the car parts I buy from England are cheaper, now if I could just work out how to get around paying VAT I would be laughing

davegtt

Its not that the Euro (I cant find the damn icon for Euro on my keyboard) is strong or getting stronger its as you said yourself, the pound has always been strong and its in free fall, The Pounds losing its value rather than the Euro increasing its value, if that makes sense? Thats how I understood it anyway and Im probably completely wrong so wait for someone else with some intelligence to come along and correct me

Odds on

If you buy mail order goods, I thought you could claim the VAT back if your from oversea's

Geezer

As I understand it, the Euro and Yen are strong at the moment because they are perceived (rightly or wongly) as not being linked to the problems experienced by the US. The UK is closely linked to the US, so Sterling is suffering too.

Geezer

Henrik

iTrader: (5)

10 years of labour mismanagement of the economy. Massive debts (government and personal), high inflation, too low interest rates.

You reap what you sow, and unfortunately it means we've losing purchasing power on an almost daily basis against almost all currencies.

David Lock

As Geezer says. Overseas investors looking for decent interest rates etc are turning away from $$s and see UK as also catching some US fall out. Northern Rock hasn't done much for confidence in the UK market and we are in hock up to the hilt.

As for VAT you have to be registerd in EC countries to avoid paying VAT on imports from EC.

dl

Paul3446

The DOW is now 3.5% higher than it was a year ago.

BBC NEWS | Business | Market Data | Stock Markets | Dow Jones

Wurzel

iTrader: (1)

Unfortunately not if you are within the EU, unless you are a registered business, the little guy in the street just has to lump it and line Flash's pockets, just like the 100 quid I gave him yesterday for stuff I bought in England.

TopBanana

I've just bought a bit more gold

EddScott

Don't think Elizabeth Duke counts mate



LOL, agreed though. Very happy with a gold fund I took on a complete whim a while back.

Henrik

iTrader: (5)

Actually, it's 2.3% higher. The BBC page is showing the last days movement. Historical prices are available here: DJ INDUSTR AVERAGE Historical Share Prices | ^DJI | US2605661048 | Yahoo! Finance UK. Yesterday on the other hand, it was 1.1% lower...

The interesting part (imo) is that the in e.g. euros, the dow is actually worth about 16% less than a year ago! That is quite a dramatic fall in purchasing power.

scoobyster

Who gave you €1.23? If you're regularly withdrawing euros or any forex then what you want is a Nationwide Flexaccount and an ATM, not rip off bureaux de change/post office rates.

It's not quite as bad as 1.23 yet, I have 1.269 as the lowest ever which was yesterday, it's up a little today.

Exchange Rates Graph (British Pound, Euro)