Sterling reached its highest point against the euro since early March last week. GBP/EUR managed to eek out a 0.5% advance across the week but is still close to 2 cents lower than where it began the month.
To put that in context, if you had bought a €250,000 house in Spain or France on 1 March, you would have paid somewhere around £206,000. Fast forward to the end of last week and that same house would have set you back £210,000 – a £4000 hit to your budget.
Exchange rates are likely to be on the move again this week (more on that below). You can remove the risk to your budget through a quick chat with one of our friendly team members, who will be happy to assist you. Lock in today’s GBP/EUR rate by calling your account manager on 020 8003 4915.
For all the property buyers out there, you may know that our partner company Your Overseas Home held its bi-annual virtual event over the weekend. Over a thousand attendees took part in seminars, spoke to expert exhibitors and downloaded relevant resources to aid in their property buying journey. If you missed it, don’t worry – all the seminars are available to watch back for the next 28 days right here.
Thomas Tuchel won’t be the only manager trying to impose their own style on a sceptical team this week. UK chancellor Rachel Reeves will deliver the government’s spring statement on Wednesday (26 March). Reeves has little wiggle room in her budget, which means any missteps could be disastrous for the pound. The chancellor has her own temperamental wingers, who will be ready to pounce if spending is cut.
New inflation data (also scheduled for Wednesday morning) could also move the dial for the pound. The Bank of England have been making some nervous noises about price rises, with headline inflation – the figure you’ll hear most in the media – expected to have reached around 3% in February.
Weary travellers will be glad to hear that London’s Heathrow airport has reopened after a substation fire grounded flights and scuppered holiday plans for thousands. The government, safety agencies and Heathrow itself are facing questions over how this could happen to Europe’s biggest airport.
