Sterling has seen a sell-off in its value this afternoon, after some negative comments from key personnel has pushed the Pound lower across the board of major currency pairs.
Two former Bank of England officials, David Blanchflower and Andrew Sentance have given negative assessments of the UK’s economy at present. The issue surrounding the UK economy at the moment is a lack of productivity growth, as in other major economies such as the US and the Eurozone, Gross Domestic Product (economic output) is increasing at a much faster rate than employment whereas in the UK, it’s stagnant as the figures are running at the same values.
There are also fears that this could get worse if the UK losses highly-skilled personnel as a result of the Brexit and its implications on the UK economy/freedom of movement.
This has come at a time that the Euro is under pressure owing to the political instability surrounding the Italian political situation. Anti-Eu parties in Italy are in the process of forming a coalition government with many expecting to see this take place over the weekend until there was a last minute scuppering of the arrangement by Italian president Sergio Mattarella.
With all that’s going on in the world of politics, do feel free to register your interest with me if you wish to be updated in the event of a major market movement.
If you have a large currency exchange to carry out in the coming days, weeks or months then you are more than welcome to speak with me directly as I will be more than happy to help you both with trying to time a transaction and getting you the top market rate when you do come to buy your currency. A small improvement in a rate of exchange can make a huge difference so for the sake of taking two minutes to email me you may find you save yourself hundreds if not thousands of Pounds. You can email me (Joseph Wright) on firstname.lastname@example.org and I will endeavour to get back to you as soon as I can.