A great time to do some shopping in the UK.
Shockingly, currency exchanges at the UK’s biggest airports are now selling the pound sterling at less than a euro per pound.
The Independent was quoted £117 for buying €100 at the currency exchange desk at Heathrow, which works out at 85c per pound. Similarly, at Gatwick, a pound was worth just 90c.
More generally, the pound is now worth €1.09. On the morning of Brexit, the pound was worth €1.30.
The pound has also now hit a two-year low against the dollar. One pound is now worth just $1.18. Three years ago, the pound was worth $1.50.
The ascension of Boris Johnson to Prime Minister has increased the likelihood of a no-deal Brexit, and there are now just 93 days until the final deadline of 31 October. If a withdrawal agreement cannot be agreed upon by then, Britain will crash out of the EU without a deal.
It is hard to predict what such a move would mean for business, but it will likely lead to food and resource shortages, as well as confusion on the border between the Republic of Ireland and the north.
According to cabinet minister Michael Gove, the UK is now “working on the assumption of no-deal.”
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