Saturday, Aug 16, 2008
And sterling is dropping because the BoE is snoozing on inflation ...
Independent: Cost of overseas travel soars as sterling drops 11 days in a row
BoE has stopped worrying about inflation, so sterling plummets, making overseas travel more expensive, raising inflation! The BoE is bringing about the recession.
Posted by paul @ 01:58 PM (604 views) Add Comment
4 Comments
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1. Prof said...
"How a weaker pound affects UK business and consumers depends on who you talk to. Exporters suffer from the added expense of currency exchange; for importers, the reverse is true."
Eh ? Is this true ?
Surely a weak pound makes exported good cheaper for foreign buyers, and makes imports more expensive.
2. paul said...
Yes, that's true. The author has got it wrong.
3. nooneo said...
I can't understand why anyone would want to leave this glorious island anyway!
What with the weather and all that.....
4. brian t said...
Works both ways, doesn't it? More expensive for Brits to go to the USA, and cheaper for Merkins to "do Yoo-rupp". Besides, a rate drop from $2 to $1.86 (7%), back to where it was in mid-2006, hardly translates to "soaring costs", does it?