The collapse in sterling since the chancellor’s mini Budget on Friday is already hitting travellers hard – with the pound buying less than a euro or dollar at international bureaux de change.
Just before 8am on Monday morning, the Change Group office at London St Pancras International was selling €100 for £108.84 – valuing the pound at less than 92 euro cents.
The station is the hub for Eurostar trains to Paris, Lille, Brussels and Amsterdam.
Compared with pre-euro currencies, that rate is equivalent to 6.04 French francs for each pound.
While other exchange providers are offering slightly better rates, the slump in the value of sterling to a record low against the US dollar will push up costs for UK airlines and holiday firms – and slash the spending power of British travellers.
The pound has fallen 5 per cent against the euro since the chancellor’s “mini Budget” on Friday. In early trading on Monday morning, sterling fell to just above $1.03, compared with $1.35 at the start of the year – a drop of almost a quarter.
The previous low, in 1985, was $1.05.
Were sterling to settle at the new level, the effect would be to make dollar purchases one-third more expensive in pounds.
Key costs in aviation are denominated in dollars, in particular fuel and aircraft leases. Many airlines have some of their foreign exchange and fuel needs “hedged”: bought in advance at a set rate.
But if sterling remains low, carriers including British Airways, easyJet and Jet2 will face sharply increased costs.
Holiday firms such as Tui also have large commitments in euros, for example for hotel rooms, staff costs and handling charges in EU countries.
With many other nations locking their currency to the US dollar, the collapse of sterling also marks an all-time low against currencies from the UAE dirham to the East Caribbean dollar.
The slump in sterling, though, makes the UK cheaper for overseas visitors – potentially boosting the inbound tourism market.
At constant sterling prices, a London hotel room that cost an American tourist $200 at the start of 2022 is now only $150.
That’s not the real rate though, the Euro has fallen a lot too.
But this was the plan all along, now Americans can buy up our industry and property on the cheap, and the high energy prices destroy their competition.
Yes, the pound is crashing, but exchange rates at bureau de changes in touristy areas (like St Pancras) have always been shit.
Meh, that’s just a shitty bureau de change. If you go to Thomas Exchange Global you’ll get €1.0776
Well on the bright side this might be the shortest PM term in history as there are apparently reports that letters of no confidence are already being sent in and prepared ~https://news.sky.com/story/cost-of-living-latest-chancellor-hints-at-further-tax-cuts-as-pound-falls-to-historic-low-12615118?postid=4532488#liveblog-body
Oh also check out vs the Russian ruble. A currency tanked because of a war and sanctions
And here I am going to exchange some money for my holiday on Wednesday
It’s all by design, cheaper pound means more exports and cheaper houser for foreign purchases. They don’t care about the UK public.
A far cry from the £1 to $1.74 I got when I went in 2005.
Fucking hell, pound less than a euro is really fucking bad.
I wouldn’t be surprised if we saw a no confidence vote by the end of the week
Surely it’s treason if KK is a consultant on a board that’s shorting the pound and he introduces a bill with no one being able to scrutinise it. How the military haven’t gotten involved is beyond me. This is the greatest national security threat we have ever faced.
Why would anyone ever use one of these places ?
You want to get ripped off …. sure, go to one of them
So they are making us ripe for investment? American pharmaceuticals can soak up the NHS? Is that the plan?
Whilst the Pound has absolutely tanked, this is one specific bureau de change offering a shit rate. Almost anywhere else is offering €1.05 – the reality is bad enough without the press searching for the outliers.
Tight, seems like the new government’s really brought everything under control
For those of us who remember the Irish pound (the punt), this exchange rate means that the punt would currently be worth £1.14 sterling.
Suddenly seems pretty alright to be getting paid in $ for my youtube and twitch paychecks lol
I was planning to bring my kids to the places I used to go when I was a kid (Devon mostly), we live in France…
Sounds like it will be a cheaper trip. And this is sad
I guess poundland maggie thatcher is not doing so well then
It seems that the country was worth more as part of Europe. But its a small price to pay for all the new freedom we have.
This is why these Tory Mffers should never ever be in charge
I feel that if the prime minster that was elected, quits etc, there should be another election, we didn’t vote for her.
Dangerous morons that need to be removed from office.
Bureaux de change give shit exchange rate. More at 10
[This is supposed to be a high class bureau de change! Not some two bit Punch & Judy show on the sea front at Margate!](https://youtu.be/WQw3PxYpF1Q)
I hate when journalists do this, it’s so irresponsible and ends up distracting from the real conversation. These bureau de changes are vultures that prey on the stupid and naive with outrageous exchange rates and should not be used as a barometer for anything.
I remember going on lads holiday in the early 2000’s when it was around €1.50-1.80 to the £
Might as well read “£20 worth €0 at Central London cup-and-ball scammer”
Just report the actual rate which is shockingly low anyway
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The collapse in sterling since the chancellor’s mini Budget on Friday is already hitting travellers hard – with the pound buying less than a euro or dollar at international bureaux de change.
Just before 8am on Monday morning, the Change Group office at London St Pancras International was selling €100 for £108.84 – valuing the pound at less than 92 euro cents.
The station is the hub for Eurostar trains to Paris, Lille, Brussels and Amsterdam.
Compared with pre-euro currencies, that rate is equivalent to 6.04 French francs for each pound.
While other exchange providers are offering slightly better rates, the slump in the value of sterling to a record low against the US dollar will push up costs for UK airlines and holiday firms – and slash the spending power of British travellers.
The pound has fallen 5 per cent against the euro since the chancellor’s “mini Budget” on Friday. In early trading on Monday morning, sterling fell to just above $1.03, compared with $1.35 at the start of the year – a drop of almost a quarter.
The previous low, in 1985, was $1.05.
Were sterling to settle at the new level, the effect would be to make dollar purchases one-third more expensive in pounds.
Key costs in aviation are denominated in dollars, in particular fuel and aircraft leases. Many airlines have some of their foreign exchange and fuel needs “hedged”: bought in advance at a set rate.
But if sterling remains low, carriers including British Airways, easyJet and Jet2 will face sharply increased costs.
Holiday firms such as Tui also have large commitments in euros, for example for hotel rooms, staff costs and handling charges in EU countries.
With many other nations locking their currency to the US dollar, the collapse of sterling also marks an all-time low against currencies from the UAE dirham to the East Caribbean dollar.
The slump in sterling, though, makes the UK cheaper for overseas visitors – potentially boosting the inbound tourism market.
At constant sterling prices, a London hotel room that cost an American tourist $200 at the start of 2022 is now only $150.
That’s not the real rate though, the Euro has fallen a lot too.
But this was the plan all along, now Americans can buy up our industry and property on the cheap, and the high energy prices destroy their competition.
Yes, the pound is crashing, but exchange rates at bureau de changes in touristy areas (like St Pancras) have always been shit.
Meh, that’s just a shitty bureau de change. If you go to Thomas Exchange Global you’ll get €1.0776
Well on the bright side this might be the shortest PM term in history as there are apparently reports that letters of no confidence are already being sent in and prepared ~https://news.sky.com/story/cost-of-living-latest-chancellor-hints-at-further-tax-cuts-as-pound-falls-to-historic-low-12615118?postid=4532488#liveblog-body
Oh also check out vs the Russian ruble. A currency tanked because of a war and sanctions
https://www.google.com/search?q=pound+to+russian+ruble&oq=pound+to+rus&aqs=chrome.1.69i57j0i512l8.6556j1j9&client=ms-android-huawei-rev1&sourceid=chrome-mobile&ie=UTF-8
And here I am going to exchange some money for my holiday on Wednesday
It’s all by design, cheaper pound means more exports and cheaper houser for foreign purchases. They don’t care about the UK public.
A far cry from the £1 to $1.74 I got when I went in 2005.
Fucking hell, pound less than a euro is really fucking bad.
I wouldn’t be surprised if we saw a no confidence vote by the end of the week
Surely it’s treason if KK is a consultant on a board that’s shorting the pound and he introduces a bill with no one being able to scrutinise it. How the military haven’t gotten involved is beyond me. This is the greatest national security threat we have ever faced.
Why would anyone ever use one of these places ?
You want to get ripped off …. sure, go to one of them
So they are making us ripe for investment? American pharmaceuticals can soak up the NHS? Is that the plan?
Whilst the Pound has absolutely tanked, this is one specific bureau de change offering a shit rate. Almost anywhere else is offering €1.05 – the reality is bad enough without the press searching for the outliers.
Tight, seems like the new government’s really brought everything under control
For those of us who remember the Irish pound (the punt), this exchange rate means that the punt would currently be worth £1.14 sterling.
Suddenly seems pretty alright to be getting paid in $ for my youtube and twitch paychecks lol
I was planning to bring my kids to the places I used to go when I was a kid (Devon mostly), we live in France…
Sounds like it will be a cheaper trip. And this is sad
I guess poundland maggie thatcher is not doing so well then
It seems that the country was worth more as part of Europe. But its a small price to pay for all the new freedom we have.
This is why these Tory Mffers should never ever be in charge
I feel that if the prime minster that was elected, quits etc, there should be another election, we didn’t vote for her.
Dangerous morons that need to be removed from office.
Bureaux de change give shit exchange rate. More at 10
[This is supposed to be a high class bureau de change! Not some two bit Punch & Judy show on the sea front at Margate!](https://youtu.be/WQw3PxYpF1Q)
I hate when journalists do this, it’s so irresponsible and ends up distracting from the real conversation. These bureau de changes are vultures that prey on the stupid and naive with outrageous exchange rates and should not be used as a barometer for anything.
I remember going on lads holiday in the early 2000’s when it was around €1.50-1.80 to the £
Might as well read “£20 worth €0 at Central London cup-and-ball scammer”
Just report the actual rate which is shockingly low anyway