Planning a holiday to the United Kingdom? Shopping in the north? Buying something online?
Now is a good time to do any of the above. The pound sterling has slid to its weakest value since the beginning of 2018 today, against both the euro and the dollar.
Increasing fears that the UK will tumble out of the European Union without any trade deal in place has motivated a sell-off in worldwide financial markets.
As the March 2019 deadline for Brexit draws nearer and nearer and the EU and UK remain at odds, the chances of a “no deal” Brexit have become ever more likely.
Banks and financial institutions have begun to prepare for the reality of a no deal Brexit, and these signs are now being felt in the financial markets.
One pound sterling is currently worth 1.11 euro, compared to 1.2625 euro in July. The weakening of the pound means that British goods and services are cheaper for those who earn their money in euros. One pound is now worth 1.29 in dollars.
