Brexit Latest: Pound worth less than the Euro at some Bureaux de Change - Polidicks

[QUOTE]For the first time in at least three years, British holidaymakers have found that a pound buys less than a euro at some bureaux de change. On Tuesday this week, exchange desks at two airports were offering just 99 euro cents for a pound, according to foreign currency specialists Caxton FX. MoneyCorp at Stansted was offering €0.9915, while ICE's rate at Luton was €0.990. The pound hit its lowest level in three years on Monday. Sterling has recovered slightly since then, on the back of news about rising inflation in the UK. Nevertheless, the value of the pound has fallen by 12% against the euro since the vote to leave the EU, and about 10% against the US dollar. "An already weak pound has faced additional woes recently, due to increased stimulus measures and disappointing data from the UK," said Alexandra Russell-Oliver, an analyst with Caxton FX. On Wednesday, several supermarkets were offering €1.13 to the pound.[/QUOTE] Whole article because it's short. The apocalypse may not have arrived, but parity with the Euro is getting closer. [url]http://www.bbc.co.uk/news/business-37107945[/url]

At this rate it wont be long at all before the USD reaches parity. Also, if any Brits are in the market for a car, now's probably the time to buy. Capitalize on the inflation before dealers can adjust prices to compensate.

So what can be done to fix this? Or are our brit friends totally fucked?

[QUOTE=ZakkShock;50901494]So what can be done to fix this? Or are our brit friends totally fucked?[/QUOTE] Higher interest rates. Reduce inflation. Could also faff about with the foreign exchange market

[QUOTE=ZakkShock;50901494]So what can be done to fix this? Or are our brit friends totally fucked?[/QUOTE] Building a time machine and going back 18 months?

Bureau de change take the piss though, I always get cash from a machine after landing

Yeh, the pound isn't doing well, but bureaux de change generally take the piss with exchange rates.

Current exchange rate is 1.00 GBP = 1.15447 EUR. Airports are the worst place to exchange your money, and generally just take the piss.

[QUOTE=Doozle;50901553]Bureau de change take the piss though, I always get cash from a machine after landing[/QUOTE] Yeah, I don't understand why anyone uses any sort of cash exchange places. My debit cards have always allowed me to withdraw cash in foreign countries for the current exchange rate plus a generally small fee. Oddly enough, my US debit card from a small local credit union only has a 1% foreign transaction fee.

Bureaux de Change is really not a valid metric, what is with this type of articles?

[QUOTE=bunguer;50901909]Bureaux de Change is really not a valid metric, what is with this type of articles?[/QUOTE] People don't care about the facts they just want to feel like they were proven right

Point is, if the pound hadn't decided to take a walk off a cliff, the Bureaux de Change figures would be different. It's known that they are a rip off, but this is one effect of Brexit that people will notice in their lives. It's all well to say "yeah growth is slowing down", but this is something people may encounter in everyday life.

[QUOTE=elfbarf;50901835]Yeah, I don't understand why anyone uses any sort of cash exchange places. My debit cards have always allowed me to withdraw cash in foreign countries for the current exchange rate plus a generally small fee. Oddly enough, my US debit card from a small local credit union only has a 1% foreign transaction fee.[/QUOTE] I love my credit union for this reason.

It seems like the media REALLY want everything to go to shit for the UK so they just find any excuse they can to act like everything IS going to shit in the hopes that people panic and make it true. Very strange. The pound has been at a fairly steady 1 -> 1.30~ for weeks now.

[QUOTE=ChaosUnleash;50907200]It seems like the media REALLY want everything to go to shit for the UK so they just find any excuse they can to act like everything IS going to shit in the hopes that people panic and make it true. Very strange. The pound has been at a fairly steady 1 -> 1.30~ for weeks now.[/QUOTE] It used to be 1 -> 1.40.

Can someone explain to me how we got three posts in a row all saying that Bureaux de Change "takes the piss." This says very little. I'm very critical of Brexit since the reasoning behind it was idiotic ignorance-fueled populism meant to artificially further political careers and nobody expected it to pass, but this doesn't mean much. Once the reliable exchanges make it equal, and if it still doesn't stabilize soon, then the slow drop could start to be way more concerning.

[QUOTE=MissZoey;50907327]It used to be 1 -> 1.40.[/QUOTE] Yes, then it sharply dropped once and has remained at where it is now since, despite constant media posts claiming it's getting lower and lower.

And they haven't triggered Article 50 yet which is expected to make the Pound dive again.

[QUOTE=Electrocuter;50907468]And they haven't triggered Article 50 yet which is expected to make the Pound dive again.[/QUOTE] Not if the terms are good.

[QUOTE=elfbarf;50901835]Yeah, I don't understand why anyone uses any sort of cash exchange places. My debit cards have always allowed me to withdraw cash in foreign countries for the current exchange rate plus a generally small fee. Oddly enough, my US debit card from a small local credit union only has a 1% foreign transaction fee.[/QUOTE] Because you can get significantly better rates in a lot of them compared to the rates you have on withdraw and often avoid the not insignificant withdraw fee. Of course it depends on the exchange place, a lot of them will try to milk you massively. [QUOTE=FlashMarsh;50907486]Not if the terms are good.[/QUOTE] That's the thing - art. 50 ought to be triggered before any terms or conditions. Sure backroom deals are bound to happen, but very little which can be official announced, due to the very nature of art. 50.

[QUOTE=FlashMarsh;50907486]Not if the terms are good.[/QUOTE] The EU isn't negotiating on terms at all until Article 50 is officially passed, meaning the UK will have two years maximum to negotiate the best deals possible. I really can't imagine how you can get a deal better than free movement across 28 countries (plus EEA and Switzerland), zero tariffs, standardized trade law among 28 countries (plus EEA), standardized regulations for imports and exports, major funding for science and education, standardized labor regulations, standardized discrimination protection, standardized worker protection, standardized emissions requirements, standardized work safety requirements. elimination of all customs duties for products within the EU... The list goes on. For a long time. Plus multiple exemptions that weren't afforded to other EU member states. The UK could definitely cut a good deal (EEA access), but they won't get a [I]better[/I] deal than they had within the EU. But that won't happen until two years after Article 50 - the pound will almost certainly drop again when Article 50 is signed. We'll see if it goes back up once the trade deals are hammered out.

[QUOTE=FlashMarsh;50907486]Not if the terms are good.[/QUOTE] the terms that the UK isn't getting until it triggers article 50?

[QUOTE=Cloak Raider;50907546]the terms that the UK isn't getting until it triggers article 50?[/QUOTE] Yeah but they will be good terms. The best terms. No terms could be better. We'll get free trade on our exports and all the businesses will come back tot he UK. We'll have tree travel going to europe but immigrants won't be allowed here. We won't give any money to europe but they'll continue funding projects here and they'll double funding to cornwall. We will be able to fish their waters and they won't be allowed in ours. Britain will become the worlds strongest economy. Spain will give us several cities and germany will pay for our holiday homes. Everyone will have a job, wages will quadruple! Those will be the terms we will get! We'll take back control! Control! The best control we will take back terms! We'll the best make control terms. Terms best control make we. control we

[QUOTE=mdeceiver79;50907579]Yeah but they will be good terms. The best terms. No terms could be better. We'll get free trade on our exports and all the businesses will come back tot he UK. We'll have tree travel going to europe but immigrants won't be allowed here. We won't give any money to europe but they'll continue funding projects here and they'll double funding to cornwall. We will be able to fish their waters and they won't be allowed in ours. Britain will become the worlds strongest economy. Spain will give us several cities and germany will pay for our holiday homes. Everyone will have a job, wages will quadruple! Those will be the terms we will get! We'll take back control! Control! The best control we will take back terms! We'll the best make control terms. Terms best control make we. control we[/QUOTE] You're joking but people actually think this. Even though the best possibility - admission to the EEA - means that the UK no longer has MEPs or any representation in EU legislation while they're still required to follow a majority of EU legislation anyways. And EEA membership requires freedom of movement among other EU member states and EEA members, meaning the immigration/"economic migrants" issue is completely unresolved. Plus France said they'll just stop guarding the channel tunnel for the UK on their own dime. At best, the UK traded representation in the European Parliament for national pride and their economy will be fine after some dips in the pound. At worst, UK's fucked since it has so few decent exports to anywhere but other EU states and Scotland will dip out and the economy will hit a severe recession. Nothing to do but wait. Actually, best case the government just forgets to sign Article 50 and nothing ever happens.

[QUOTE=.Isak.;50907603]You're joking but people actually think this. Even though the best possibility - admission to the EEA - means that the UK no longer has MEPs or any representation in EU legislation while they're still required to follow a majority of EU legislation anyways. And EEA membership requires freedom of movement among other EU member states and EEA members, meaning the immigration/"economic migrants" issue is completely unresolved. Plus France said they'll just stop guarding the channel tunnel for the UK on their own dime. At best, the UK traded representation in the European Parliament for national pride and their economy will be fine after some dips in the pound. At worst, UK's fucked since it has so few decent exports to anywhere but other EU states and Scotland will dip out and the economy will hit a severe recession. Nothing to do but wait. Actually, best case the government just forgets to sign Article 50 and nothing ever happens.[/QUOTE] No europe needs us more than we need europe. We shall dictate the terms and TELL them what they will give us. We'll dominate them. British Empire v2, merkel won't have a clue, a house for me and you We're the strongest economy in europe we will dictate what they give us and afterward we'll still have MEPs but we'll tell them what to do and they won't be able to tell us. Germany imports more to us than we export to Portugal so we can tell them that they will have a point system to stop them from coming into our economy and stop free trade because they're coming here to steal our jobs and take our benefits from good native brits who are too scared to say anything because political correctness is outbreeding us with muslim poles who come from africa to claim the queen and turn her into a mosque for the third reich greek debts dragging down a sinking ship into fishing quotas crushing coal mining industry health and safety and regulations and environmentally friendly pakistani plumbers who plant curry in the rivers instead of on the toilet instead of doing their job they stay here instead of going home after taking money and sending it back to their family because thats all they come here for to take my pedophiles praying on political correctness because they can't even speak english. And we will win the olympics.

[QUOTE=ChaosUnleash;50907467]Yes, then it sharply dropped once and has remained at where it is now since, despite constant media posts claiming it's getting lower and lower.[/QUOTE] Actually the GBP is falling against the Euro, only yesterday it's fallen below 1.15

[QUOTE=Firewarrior;50907692]Actually the GBP is falling against the Euro, only yesterday it's fallen below 1.15[/QUOTE] Hah you've fallen for it. You've fallen for the bias media spinning it and making it seem worse than it really is. Don't read those bogus charts for your own good. Just not worth it. Be a free thinker like me

[QUOTE=mdeceiver79;50907709]Hah you've fallen for it. You've fallen for the bias media spinning it and making it seem worse than it really is. Don't read those bogus charts for your own good. Just not worth it. Be a free thinker like me[/QUOTE] PROJECT FEAR is in full effect! We don't need experts! But honestly if May just decides not to sign it and the government just didn't mention the entire event for another two years, a lot of the people who voted Leave probably wouldn't even notice.

[QUOTE=.Isak.;50907725]PROJECT FEAR is in full effect! We don't need experts! But honestly if May just decides not to sign it and the government just didn't mention the entire event for another two years, a lot of the people who voted Leave probably wouldn't even notice.[/QUOTE] Just tell them we've left and carry on doing our thing. I think you're onto something. Farage would be barking a fair bit though.

this is actually good for the british economy.