Wednesday, December 17, 2008
What will this do to property prices in South Kensington?
The French, Italians and Germans who have thronged to London's banks and bars over the past decade may look back on December 2008 as the month their love affair with "la vie anglaise" died. Sterling's slide to as little as 92p against the euro has had many of them thinking it may be time to go home. London's attractions during the boom years were manifold. It was the world's leading financial centre offering the greatest opportunities and financial rewards. What's more, those rewards were generally paid in sterling - a currency that at its height was worth €1.50. The trend was self-perpetuating. The more foreigners arrived, the more the city changed to fulfil their needs, and the more they felt at home. Even the French learned to like the UK capital.