Pound suffers against euro for 13th day in a row.

Red City

The pound has suffered its longest losing streak against the euro since the creation of the single currency two decades ago as turmoil in Downing Street spilt over into the world’s currency markets.​

nheather

But it has been worse - and there was not even a whiff of Brexit then - everything should have been wonderful then because we were in the EU with no thoughts of leaving.

                                                                                 

I remember the exchange rate at the airports was £0.99 for a Euro.

Cheers,

Nigel

chopples

IIRC 2009 we where in the midst of a great recession? The Sub prime mortgage bubble bursting followed by a banking crisis which ended with government bailouts

Wouldn't say everything was wonderful

cheers

nheather

Agreed - but as you infer, it was a world-wide recession, so everyone should be down - but the pound collapsed against the Euro and the Pound.  The pound took a big div in 2017/18 and have never recovered to rates before then.  Suggestion is that this was mostly down to the pound being over-valued previously.

And I never said everything was wonderful - just pointing out that it isn't the worst it has ever been -

Cheers,

Nigel

Bl4ckGryph0n

It’s not that bad as already said. And I’m saying that as someone who has to change Euros to Pounds. I barely register the difference.

chopples

For 4-5 years the amount of sub prime mortgages used in the UK was through the roof. RTB, debt consolidation, or just frivolous spending, you could literally get one out of a cereal box. firms such as Paragon, Kensington et al, funded by American money, brokers charging 5 figure arrangement fees. Frankly it was a disgrace.

it has took over 10 years for property prices to reach 2007 levels which kind of tells you how bad it was. it was the cause of the loss of many jobs, loss of peoples homes, included those who where protected as they rented from the council but where encouraged to RTB even though they couldn't afford it. Banks Where bailed out, Austerity reared its head.

Yes it was a global recession but not all was effected the same way.It was more prominent here due to how our property system works

cheers

domtheone

It's carp but it's been that way for years now.

No surprise with all the doom and gloom and the state of the nations finances.

Should bounce a fair bit if we ever get a competent government though.

edit: not just the £ getting trashed.   UK companies are getting slaughtered on the stock market.   Practically pricing in years of recession ahead.

Red City

I agree that the pound has been in a much worse state than it is known.
But a the moment it is a shape decline to what it has been in the past six months.

lgans316

When I lived in between between 2003-2008, £1 was around $2. Yes, £ plunged post EU referendum but £ has been in both better and worse shape before.

Cliff

I note your location is the EU?
Does it affect you personally? Are you in Europe and your funds are in Sterling?