The Great Britain Sale - Every Pound has to go!!
Over the last couple of days, the sterling pound dropped like a sinking anchor due to some really negative remarks by the Bank of England in the latest inflation report. The UK's GDP main contributors are financial services and construction, both are in a deep funk right now and is looking to get even worse. With the weakening pound, imports will get even more expensive, exacerbating the rate of inflation.
When wife and I came over, the GBPSGD exchange rate was 3.10 - Now, it has dropped over 20% to 2.63. Ouch!
2 comments:
It's double whammy for us, isn't it? A weaker pound and we have to deal with inflation rate and cost of living that are higher than back home. Argh...
Yeap - I converted a chunk of my savings to GBP @ 3.15 to watch the pound gradually decline. Earnings are now in GBP but are nowhere near the peak. I can only pray that either SG slows or GB starts pumping up again ...
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