On a surge at the moment. Roughly back to where we were pre referendum now against the US Dollar. Some analysts predicting we may get back to pre financial crash levels, many of Bidens policies aren't seen to be business/economy friendly. I guess that was the trade off between having a bit of a looney in charge who didn't care about anything but US economy figures, against a more moderate global US.
So is it because the US isn't doing so well or because we are? How does it fare against the Euro for example?
If you are 68% down on exports to your main trading block I suspect you wouldn't be swinging from the rafters about this bit of news.
Not sure about e.u but I know gbp has grown on other non e.u countries. edit Just checked the euro and its steadily rising 1.16 at the minute.
You do realise that a strong pound makes exports more expensive don’t you? I would have thought that’s the last thing our economy needs given the damage caused by Brexit.
Before I retired I worked for a business that bought all its products in US dollars. The budgeted Dollar/GBP rate was historically always between $1.56 to $1.60. Please believe me when I tell you that the fall in the pound against the dollar in recent years virtually crippled a very strong business. In fact, it was only because we had a strong inflow of Euros due to operations in other parts of Europe that we managed to keep going. By all means lets celebrate the fact that we will be able to buy more San Miguel on holiday (when that magical day finally arrives), but we shouldn't kid ourselves that a stronger pound is universally a great thing. Because it isn't.
I couldn't really care less about the £. The only people who ever make anything from exchange rates are the leeches on our backs. Does nobody remember the day that international speculators forced the £ out of the ERM? In the space of 6 hours interest rates rose from 5 to 15% at which point me and my family were on the verge of being homeless, meanwhile some sh*ts were raking in millions and literally laughing at us. The above should read "10 to 15%", my memory isn't what it used to be, when I had one....
We really do need to care about the £. If too strong it harms our exports and costs jobs, too weak and it makes imports more expensive and pushes up the cost of living. I agree with your point about speculation though.
You are right, the value of the £ does matter but as you say only if it moves sharply in any direction and stays there. as long as it stays in defined limits the economy can work with it.
The rise was big but it wasn’t 5% to 15% it was 10% to 15% and the same day reversed to 12%. Bonkers times and there is a big football connection with that day. A current premier league owner, who is very shy of public attention, made far more money than George Soros that day.
If correct I'd feel reassured. Sector by sector breakdowns for a start. I'm working for an EDI business whilst not running my DJ company & 90 percent have ceased exports. These are SMEs. My brother's company are seeing a total breakdown of trade with the EU, via companies that use their software (Amazon, et al). Not sure what more I need to say. The Tory Government have already dry bumbed me & the 19 people who used to work for me. Sleep well in your Brexit Utopia.