After an initial fall in value after the Brexit result, the Pound has gained ground.
As concerns subside after the EU referendum, the pound has gained ground against the Japanese Yen and the US Dollar. This comes as a great relief to many in the UK as the pound sank to its lowest value in 30 years last week.
Repercussions
A weak pound affects businesses and consumers alike as the UK exported £474bn worth of goods and services in 2015. A falling pound means that these products become more expensive for businesses, with the cost being passed onto the consumer. Those travelling abroad will see their exchange rates drop, with money being spent abroad not going as far as before. Exporters in the UK however do stand to benefit from a weaker pound, as products become cheaper for those buying overseas, making prices much more competitive globally.
The financial landscape is constantly changing post-referendum and the value of the pound is likely to fluctuate. If you would like advice on saving and investing in such a turbulent period, please get in touch.
