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  • How Brexit Hit The Pound in Your Pocket (Summary)

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    George Sotyr
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    The value of the British pound significantly declined after the 2016 Brexit referendum, making UK residents poorer as it reduced the purchasing power of their currency both within the UK and abroad. Specifically, £1 fell from being worth around €1.40 in late 2015 to nearing only €1.14 today, and prices in UK shops have risen at least 2% as a result of the weaker pound. While a falling pound can make UK exports cheaper, helping its economy, it has meant UK residents are able to buy less with their money both at home and overseas.

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    The value of the British pound significantly declined after the 2016 Brexit referendum, making UK residents poorer as it reduced the purchasing power of their currency both within the UK and abroad. Specifically, £1 fell from being worth around €1.40 in late 2015 to nearing only €1.14 today, and prices in UK shops have risen at least 2% as a result of the weaker pound. While a falling pound can make UK exports cheaper, helping its economy, it has meant UK residents are able to buy less with their money both at home and overseas.

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    Download as DOCX, PDF, TXT or read online from Scribd
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    15 views1 page

    How Brexit Hit The Pound in Your Pocket (Summary)

    Uploaded by

    George Sotyr
    The value of the British pound significantly declined after the 2016 Brexit referendum, making UK residents poorer as it reduced the purchasing power of their currency both within the UK and abroad. Specifically, £1 fell from being worth around €1.40 in late 2015 to nearing only €1.14 today, and prices in UK shops have risen at least 2% as a result of the weaker pound. While a falling pound can make UK exports cheaper, helping its economy, it has meant UK residents are able to buy less with their money both at home and overseas.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
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    How Brexit hit the pound in your

    pocket (Summary)

    - The value of the pound has changed a lot over the past three years,making
    UK people a little poorer.

    - Back in December 2015, £1 would buy about €1.40. Today it will get nearer
    €1.14.

    - A big part of the fall occurred literally overnight, once the result of the EU
    referendum became apparent in the early hours of 24 June 2016.

    - You can easily get less than €1 for your pound if you exchange at the wrong
    place.

    - The fall in the pound has also increased the price of things in the shops

    - Most analysis suggests that prices are now at least 2% higher than they
    would have been if the pound had not fallen in 2016

    - It fell because people and companies deciding where to keep their money took
    the view that the UK had become less attractive.

    - A falling pound acts as something of a safety valve. It makes UK exports cheaper


    abroad, helping to cushion the impact of leaving the EU.

    - An important fact about international trade is that most of it is between


    businesses, rather than straight from business to consumers

    - As a result, UK people are able to consume more than they produce.

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