On Thursday 11th May 2017 the Bank of England kept interest rates on hold, with a continued seven to one majority, which disappointed some market participants who had hoped for a second member to vote for a raise. The guidance from the Bank is that we will not see a rise in interest rates until the end of 2019, with a caveat that raising rates would depend on a relatively smooth Brexit process. Recently there has been quite a lot of talk from Europe saying that the UK are going to be made to work hard for any concessions. The head of the European Parliament’s constitutional affairs committee has said “These are going to be extremely difficult negotiations”.
Nobel laureate economist Christopher Pissarides says about Brexit, “No-one knows what they are doing. You throw things at the other side, the other side throw things at you”
With these recent comments the British pound has fallen just below 1% against the Euro and the US Dollar.
With all the uncertainty surrounding the UK and the value of the Pound, ex-pats should use a foreign exchange specialist like Infinity International to exchange your currencies, as it means you have access to expert guidance on the markets and when to make a money transfer. The cost saving can be up to 5% compared to your bank when using a local currency specialist, because the exchange rate will give you more currency, and the currency company will organise cheaper banking fees than is normal.
For free advice in Spain please call Glenn or Adam at Infinity International on +34 966 260 777, or email us on spain@iifx.co.uk
“Opinions expressed are solely my own and do not express the views or opinions of my employer.”