Tag Archives: Pound

Million Pound Motorhomes: Inside 2.5million dollar ‘condo on wheels’ with four TVs

Million Pound Motorhomes: Inside 2.5million dollar ‘condo on wheels' with four TVs

BRITONS have made motorhomes one of the fastest growing industries in the UK. One in five plan a holiday in one, but the choices of vehicles are staggering. From old classics to swanky luxury “hotel on wheels”, a new series looks into the fascinating world of motorhomes.Million Pound Motorhomes: Inside 2.5million dollar ‘condo on wheels' with four TVs

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Sturgeon humiliated as hopes for independent Scotland to cling to pound ‘not viable’

Nicola Sturgeon should ‘get on with it’ says Alex Salmond

Ms Sturgeon this week announced her plans to slowly ease Scotland out of strict coronavirus restrictions. Following Boris Johnson’s lead, it means the country will move in step with its southern neighbour but in a “modified” fashion. Whereas Mr Johnson has advised those in England to use discretion regarding face masks, the Scottish First Minister expects Scots to continue to use them.

Certain restrictions around physical distancing and numbers meeting both indoors and outdoors will also remain.

As the country cautiously exits lockdown, Ms Sturgeon and her Scottish National Party (SNP) are drawing up plans to exit the UK.

An Indyref2 is high on the SNP’s agenda, its support having been strengthened during the pandemic and Ms Sturgeon’s victory at Holyrood’s May elections – just one shy of a majority – only boosting the party.

Great obstacles remain between where Scotland is today and where it wants to be post-independence.

Nicola Sturgeon: The Scottish First Minister's currency plans for post-independence are unclear

Nicola Sturgeon: The Scottish First Minister’s currency plans for post-independence are unclear (Image: GETTY)

Coronavirus: Scotland will move in step with England in easing coronavirus restrictions

Coronavirus: Scotland will move in step with England in easing coronavirus restrictions (Image: GETTY)

One of the biggest issues, if not the biggest, is currency and what tender Scotland would use outside the Union.

Ms Sturgeon has claimed the country would continue to use sterling for “as long as necessary”.

Yet, a Government white paper compiled by the Economic Affairs Committee ahead of the 2014 independence vote said this is “not a viable option”.

It noted: “The choice of currency is perhaps the most important economic decision an independent Scottish Government would face.”

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Indyref2: Sturgeon is hoping to hold an Indyref2 in the next few years

Indyref2: Sturgeon is hoping to hold an Indyref2 in the next few years (Image: GETTY)

If an independent Scotland were to retain sterling, monetary policy would continue to be set by the Bank of England.

But, “this has implications for the regulation of Scotland’s financial sector which in turn is likely to have implications for tax and spending policies”.

While an independent Scotland could continue using sterling without the rest of the UK’s consent in the same way some Latin American countries have adopted the US dollar and Montenegro uses the euro, the country would have no central bank and no access to the services of, or influence over, the Bank of England.

Yet, Scotland has a large financial services sector that relies on access to central bank services.

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Bank of England: Scotland could not hope for 'dollarisation' like other countries

Bank of England: Scotland could not hope for ‘dollarisation’ like other countries (Image: GETTY)

Sturgeon history: A young Sturgeon at an SNP conference in the Nineties

Sturgeon history: A young Sturgeon at an SNP conference in the Nineties (Image: GETTY)

As Professor Jim Gallagher formerly of Nuffield College, Oxford said, because of this, currency substitution “is not a viable option” for a country like Scotland.

John Swinney, now deputy Scottish First Minister, told the report: “The core proposition is for us to establish a formal monetary union with the rest of the United Kingdom with the Bank of England operating as the central bank for sterling and so on, discharging its functions on behalf of both fiscal authorities in Scotland and the rest of the United Kingdom.

“Those functions would be on essentially price stability and financial stability.”

He added: “The Bank of England is … the Bank of the whole United Kingdom … we would wish the Bank of England to continue [to be] lender of last resort to [Scottish] financial institutions.”

Sturgeon profile: She took over as First Minister following the failed 2014 referendum

Sturgeon profile: She took over as First Minister following the failed 2014 referendum (Image: Express Newspapers)

If successful in her independence bid, Ms Sturgeon wants Scotland to join the EU, with the country voting to remain a part of the bloc in the 2016 Brexit referendum.

Its membership would mean adopting the euro.

But members of the SNP have suggested this would not be the case, with Ian Blackford, the party’s Westminster leader, having assured voters they would not have to use the euro in 2019.

The EU has repeatedly confirmed that joining the Exchange Rate Mechanism isn’t voluntary, however.

Former European Commission President Jean-Claude Juncker said in 2018: “The euro is meant to be the single currency of the European Union as a whole.

“All but two of our member states are required and entitled to join the euro once they fulfil the conditions.”

Scotland news: Many logistical issues around independence remain unanswered

Scotland news: Many logistical issues around independence remain unanswered (Image: GETTY)

If an independent Scotland seeking to sign up to the EU refused to adopt the euro, it would find itself “not fully compatible” with the Treaty on the Functioning of the European Union – a key piece of EU law.

All of this is on the assumption that the EU would even welcome an independent Scotland.

Tensions exist between countries like Spain and the autonomous community of Catalonia, which wants to join the EU as an independent state.

Others, like the historian Robert Tombs, have noted that the EU would not want to stir further bad blood between itself and the UK post-Brexit by allowing Scotland to join.

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This post originally posted here Daily Express :: UK Feed

Pound SOARS against euro – sterling value boost as Boris confirms Freedom Day

Pound SOARS against euro - sterling value boost as Boris confirms Freedom Day

Jeremy Thomson-Cook, Chief Economist at international business payments specialist Equals Money, was speaking after pound sterling finished Monday at a value of €1.17 – its highest total of the month so far. The pound was also valued at just under $ 1.39 – a cent higher than in the latter stages of last week.

Mr Cook said: “The pound has started the week off on the front foot as it hit its highest levels in July so far, making another attempt at fresh highs since April against both the euro and dollar.

“With the UK set to reopen on July 19, the pound seems to be benefiting from the resumption of economic activity.”

However, he added: “Covid numbers and an increase in the hospitalisation rate will of course be a downside risk for the pound as well as any changes in course by the government or a new assessment by the Bank of England.”

Conversely, Mr Cook said: “Moves on the euro were subdued yesterday in the absence of any real data.

“The key theme for the euro over the short term will continue to be news of the spread of the Delta variant in Europe with France, the Netherlands and parts of Spain all announcing new restrictions to curb the contagion.”

As of 10am today, the pound at was valued at £1.3861 compared to 1.3885 dollars at the previous close.

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“This disease, coronavirus, continues to carry risks for you and your family.

“We cannot simply revert instantly from Monday July 19 to life as it was before Covid.

“We will stick to our plan to lift legal restrictions and to lift social distancing, but we expect and recommend that people wear a face covering in crowded and enclosed spaces where you come into contact with those you don’t normally meet, such as on public transport.”

Mr Johnson warned July 19 “should not be taken as an invitation by everybody simply to have a great jubilee and freedom from any kind of caution or restraint”.

He further admitted the current wave of cases would mean more hospital admissions and deaths.

However, he added: “We’ve come to a stage in the pandemic when there is no easy answer and no obvious date for unlocking.”

Nevertheless, Nikesh Sawjani, an economist at Lloyds Bank Commercial Banking, told the PoundSterlingLive website: “The further easing in restrictions will go some way to helping the UK’s economic recovery.”

The lifting of most restrictions in Europe has led to a surge in business activity – but the rise of the Delta variant, which originated in India, is proving a cause for concern.

Speaking of the recovery, Erik Nielsen, chief economist at UniCredit, yesterday told the Financial Times: “I’m a bit more nervous that it could get derailed by Delta.

“It has to get quite bad before we get another lockdown, but Google mobility data shows that it is not so much the lockdowns that drive behaviour but voluntary restraint.”

Pound to euro exchange rate: Sterling 'treading water' as value gradually decreases

Pound to euro exchange rate: Sterling 'treading water' as value gradually decreases

The pound had an “extremely sluggish” start to the week, according to one expert, and it has not moved much since. Sterling has been steadily decreasing against the euro over the past few days. What does this mean for your travel money?

Yesterday saw the pound trade at a similar rate to today, with Mr Brown saying the week had got off to “an extremely sluggish start”.

He added: “There is, sadly, little on the docket that suggests today will be any different, with this morning’s UK labour market data likely to be ignored, and GBPEUR happy to do little more than tread water around €1.16.”

After the prime minister’s announcement on Monday, some currency experts noted that the Government’s decision to delay the lifting of lockdown rules could negatively impact the pound to euro exchange rate.

George Vessey, UK currency strategist at Western Business Solutions, shared his insight with Express.co.uk at the start of the week.

So, what does all this mean for your travel money?

With the news that the easing of lockdown has been delayed by four weeks, Britons are again faced with uncertainties surrounding international travel this summer.

Ian Strafford-Taylor, CEO of travel money specialist FairFX advised last week: “Britons hoping for an overseas break should keep an eye on any announcements and watch the pound closely to make sure they’re getting more bang for their buck by securing the best rates available for their travel money.”

Mr Stafford-Taylor commented again after the Government’s announcement yesterday, saying the confirmation of a delay to the easing of lockdown rules “didn’t come as a shock to many”.

He added: “It seems the pound is weathering the storm too, with almost no movement against the euro compared to this time yesterday.

“Brits are yet to see how this delay to restrictions at home will affect their chances of an overseas summer holiday.

“However fresh speculation that foreign travel is unlikely to reopen to popular European destinations before August won’t do much to ease people’s minds.

“This comes as major airlines including British Airways, Virgin Atlantic and easyJet have started cancelling flights set to take off before July 19.”

Mr Stafford-Taylor added: “Although it’s yet to be confirmed, this news will be a big blow for holidaymakers who have their hopes pinned on a summer break after so many months in lockdown.”

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate: ‘Extremely sluggish’ start to the week – travel money advice

Pound to euro exchange rate: ‘Extremely sluggish’ start to the week - travel money advice

The pound to euro has been trading in a tight range in recent weeks. With Boris Johnson announcing yesterday that the final stage of lockdown will be pushed back by a month, should you swap your travel money now?

He said: “Markets were, yet again, moribund yesterday, with the week getting off to an extremely sluggish start. 

“There is, sadly, little on the docket that suggests today will be any different, with this morning’s UK labour market data likely to be ignored, and GBPEUR happy to do little more than tread water around €1.16.”

Yesterday was similar news when the pound continued to trade around the same mark.

At the time, Michael explained: “Sterling-euro continues to trade in a tight range just north of the €1.16 handle, with the market continuing to lack impetus to make a decisive move in either direction – broadly mirroring the broader G10 market, in fact.

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“With a quiet data docket in store today, the market is likely to do little more than mark time once more.”

George Vessey, UK Currency Strategist, Western Union Business Solutions, also explained that the delay to the full lifting of restrictions is a drag on the pound’s value.

He explained yesterday: “On the data front this week, jobs numbers are due out first thing Tuesday morning, and should show more signs of improvement.

“Inflation data drops in on Wednesday morning and retail sales wraps up the week on Friday morning.

“Against the euro, sterling has risen for five weeks on the bounce and lingers just under the €1.17 handle. Strong UK data this week could be enough to trigger a breakout north of this current resistance level.”

At the end of last week, the euro suffered a wave of “selling pressure” as traders “digested the dovish European Central Bank (ECB) meeting and favoured the cheap US dollar ahead of the Fed’s meeting”.

The expert added: “Amidst a lack of top-tier European data this week, investors will be focusing on the Fed’s rhetoric and how it compares to the ECB last week.

“The expectation is most major central banks will remain on hold from tightening monetary policy despite inflation worries, but a shift in policy stance could soon upend the calmness of financial markets at present.”

What does this mean for travel money?

With the current news that Boris Johnson is pushing back the date for lifting restrictions due to the rapid spread of the Delta variant, holidaymakers are once again faced with uncertainty about travel.

James Lynn, CEO and co-founder of Currensea explained that those heading on holiday should only swap their money once they are certain that plans are going ahead.

Ian Strafford-Taylor, CEO at travel money specialist FairFX said: “Yesterday’s confirmation of a delay to the so-called ‘Freedom Day’ didn’t come as a shock to many, and it seems the pound is weathering the storm too, with almost no movement against the euro compared to this time yesterday.

“Brits are yet to see how this delay to restrictions at home will affect their chances of an overseas summer holiday. However fresh speculation that foreign travel is unlikely to reopen to popular European destinations before August won’t do much to ease people’s minds. This comes as major airlines including British Airways, Virgin Atlantic and easyJet have started cancelling flights set to take off before July 19.

“Although it’s yet to be confirmed, this news will be a big blow for holidaymakers who have their hopes pinned on a summer break after so many months in lockdown.”

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This post originally appeared on Daily Express :: Travel Feed

Pound to euro exchange rate trading in ‘tight range’ but market lacking ‘impetus’

Pound to euro exchange rate trading in ‘tight range’ but market lacking ‘impetus’

The pound to euro has been trading in a tight range in recent weeks. Today, with Boris Johnson to unveil his plans on whether or not to ease further restrictions on June 21, the exchange rate continues to trade in a tight range, according to experts.

“Indeed, Chancellor of the Exchequer Rishi Sunak is willing to accept a delay of up to four weeks to the final stage of England’s reopening roadmap.

“Sunak has in the past been regarded as more keen to lift lockdown constraints than some cabinet colleagues.

“However, that position has since been clarified, that he was more concerned that when restrictions are lifted, the move can be permanent.”

Plans out of lockdown will be announced by the Prime Minister today.

What does this mean for travel money?

For those looking to jet off on holiday to green list countries, there remains uncertainty about international travel.

It comes after Portugal was added to the amber list after first being added to the green list. 

Ian Stafford-Taylor, CEO of travel money specialist FairFX said: “Britons hoping for an overseas break should keep an eye on any announcements and watch the pound closely to make sure they’re getting more bang for their buck by securing the best rates available for their travel money.”

This is most likely to be last minute for many with travel plans changing constantly. 

James Lynn, CEO and co-founder of Currensea also explained that Britons should only swap their foreign currency once they are certain their travel plans are going ahead. 

Post Office Travel is currently offering a rate of €1.1229 on orders over £400.

If customers place an order of more than £500, they can get a rate of €1.1393 at the time of writing.

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate: Post-Brexit 'tensions' threaten 'UK trade' – GBP falls

Pound euro exchange rate: Post-Brexit 'tensions' threaten 'UK trade' - GBP falls

The pound was enjoying a steak of growth against the euro just one month ago amid the positive vaccine rollout, however, since then it has plummeted as Brexit rears its head once again. Rising tensions between the UK and European Union (EU) could “threaten” UK trade, according to one expert.

The trade conversations come ahead of this weekends G7 summit in Cornwall.

Mr Vessey said: “The British pound eventually gave up ground on Wednesday following an increase in tensions regarding post-Brexit UK-EU trade.

“Despite the calmness of currency markets of late, sterling volatility crept higher as a result, and GBP/EUR fell under the €1.16 mark on Thursday morning.”

He continued: “The pound has been overlooking the UK-EU tensions of late, but the recent standoff about the Northern Ireland (NI) protocol ahead of the key G7 summit this week triggered a wave of sterling selling – dragging GBP pairs lower.

“The EU is considering advancing its legal challenge as a result of the UK Government’s unilateral extension of a grace period for goods moving into NI from Britain.

“This could result in tariffs and quotas being imposed, which would harm UK trade and probably cause headwinds for the pound.

“Eyes are on US President Joe Biden in case he weighs in and suggests a UK-US trade deal could be compromised, which would likely weaken the pound further.

“GBP/EUR is on track for its first weekly decline in five weeks after failing to reclaim the €1.17 handle over the past two months.

“The upside traction looks to be tiring, but short-term support lies at the 50- and 100-day moving averages before €1.15.”

For those looking to jet off on holiday in the coming weeks and months, there remains an air of uncertainty.

Whether or not countries will be added to the green list at the next review has not yet been clarified.

Ian Strafford-Taylor, CEO of travel money specialist FairFX advised: “Britons hoping for an overseas break should keep an eye on any announcements and watch the pound closely to make sure they’re getting more bang for their buck by securing the best rates available for their travel money.”

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This post originally appeared on Daily Express :: Travel Feed

Pound euro exchange rate 'dipped slightly' Brexit relations begin to 'sour'

Pound euro exchange rate 'dipped slightly' Brexit relations begin to 'sour'

The pound to euro exchange rate has been constrained to a tight range in recent weeks. However, as Brexit relations between the UK and EU begin to “sour regarding trade issues with Northern Ireland”, sterling saw a slight drop yesterday.

The pound is currently trading at a rate of 1.1639 according to Bloomberg at the time of writing.

It has seen an uptick of 0.08 percent since the minor fall yesterday.

According to Michael Brown, senior market analyst at Caxton FX, traders are looking to the European Central Bank (ECB) for its monthly monetary policy decision.

“As expected, sterling-euro remains moribund, with the cross continuing to do little more than mark time, and move in a rather uninspiring sideways direction,” he told Express.co.uk.

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He continued: “Ahead of several high-level meetings this week, UK Brexit minister David Frost called on the EU to compromise more to prevent further unrest in Northern Ireland, whilst the EU is considering tougher retaliatory measures against the UK if post-Brexit obligations aren’t implemented.

“Meanwhile, the UK government has so far avoided a showdown against Conservative rebels over foreign aid cuts but could still face a vote on the issue ahead of the G7 summit this week.

“Sterling remains suspended above the $ 1.41 and €1.16 levels versus the US dollar and euro amidst the strong UK economic outlook as economic restrictions continue to lift.

“Doubts over the June reopening are limiting GBP upside though.

“The euro has been dogged this year by the slow vaccination rollout across Europe, especially relative to the UK and US.

“But it has fought back recently following a speed up inoculations and signs of a stronger economic recovery across the bloc.

“Nevertheless, GBP/EUR has been creeping back towards €1.17 over the past four weeks.”

While the euro may have seen some growth against other currencies in recent weeks, Mr Vessey warns it is still “struggling” against the pound.

“Although scoring a 0.4 percent gain over the past three months, the euro is over five percent weaker against sterling over a six-month period,” he explained.

“The trading range of GBP/EUR has been narrowing and the weekly opening and closing rate have also been inching closer, suggesting lack of directional conviction amongst traders.”

For those eyeing a holiday in the future, the ever-changing rates could be a point of confusion.

The ever-changing traffic light travel list from the UK Government adds a further roadblock to those who would normally purchase their travel money far in advance.

While planning ahead is normally recommended, with international travel so uncertain, James Lynn co-CEO and co-founder of Currensea advises holidaymakers to hang on to their money for now.

“While it is tempting to take out foreign currency in anticipation of a holiday I would advise against this,” he said.

“Market movements are often more marginal in reality than they appear. “Especially during this volatile time, it’s safer to keep hold of your money in your UK bank account than purchasing or exchanging for holiday money.”

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This post originally appeared on Daily Express :: Travel Feed