The fall of the Pound Sterling

[Mick94]

I went to draw out some of my pension first thing this morning. (29 August 2008)

The Pound appears in a state of collapse against the Euro.

One Euro = 80.7 pence
One GBP = 1.24 Euros

[tangobrian]

Bad exchange rate for the pensions but for those thinking of selling their house and returning to the UK (if you can sell) , not so bad !

I got 1.48 three years ago when I bought my house and sterling was strong.
I changed some sterling into Euros about two years ago at Cam Bank and got 1.54

Example
Buy house 200,000 euros @1.48 = £135,135
Sell house 167,567 euros @1.24 = £135,135 . You get your money back!
Sell at 16% cheaper than you bought
Just a thought.......

[Christine]

Further to Tangobrian's response re selling 16% cheaper, this is what I am saying to people on a daily basis, It is also what is keeping prices down so low.

Some people are still holding on to sell at the price they wanted last year even though they are gaining taking the money back to the UK, that is why so many people are having trouble selling.

Buyers are here but they are buying the houses that have been dropped in price to reflect the exchange rate.

keep up with the flow of the market and currencies trends and you will sell.

[Warrior]

Originally Posted by Mick94

I went to draw out some of my pension first thing this morning. (29 August 2008)

The Pound appears in a state of collapse against the Euro.

One Euro = 80.7 pence
One GBP = 1.24 Euros

We will not get a decent exchange rate until we get rid of that "Sweaty Sock" that is supposed to be running our country. Running it into the ground at the moment!!

[Lithgy]

Warrior - don't confuse world issues and the ability for a 'sweaty sock' as you put it to financially manage the UK. Remember the shambles the Blair administration inherited. It took that 'sweaty sock' to sort it out.

[Warrior]

Originally Posted by Lithgy

Warrior - don't confuse world issues and the ability for a 'sweaty sock' as you put it to financially manage the UK. Remember the shambles the Blair administration inherited. It took that 'sweaty sock' to sort it out.

Sorry Lithgy but I´m not intelligent enough to work out how world issues make the Euro strong and the pound weak!
What was the shambles Blair inherited - New Labour have been living off the previous lots financial abilities and now they´ve used up all the cash will no doubt step aside and let the other mob back in to sort it out again.
I´m afraid that´s British Politics - no more than the electorate deserve..........!

[pandashoe]

so insted of makeing useful add's to this this thread we'll do the britsh thing moan & blame the goverment!!!

[Chrisdee]

After the Euromillion draw tonight and I've won the 82 million euros, I won't care what the rate is, it's a nice thought though isn't it?
You've got to have your dreams!

[Warrior]

Originally Posted by pandashoe

so insted of makeing useful add's to this this thread we'll do the britsh thing moan & blame the goverment!!!

They may well be your Government pandashoe but they´re not mine, and I´m English, the rest of the world is British!

[tangobrian]

One of the biggest influences on the Euro/Sterling exchange rate is the interest rates charged by the Bank of England and The European Central Bank.
Spain ,Portugal,Ireland etc have been wanting to lower the rate but Germany,Holland etc did not because they were worried about inflation.
I just read that inflation in the euro zone has dropped from 4.0% to 3.8% (they would like 2.0%).
Anyway there is a possibility of an interest cut in the first quarter of next tear ?
Good news if you have a Spanish mortgage!

On the downside there is pressure for the Bank of England to cut rates soon so we would probably be back to status quo?

These are the things that control our lives!!!!