Some people don’t like the use of wartime metaphors when talking about fighting Covid-19, but as we’ve all got the day off on Friday to mark VE (Victory in Europe) Day 75 years ago, and we are apparently “over the peak”, we could maybe think about how the government recovered from the war and what we can learn from that today, not least about our own big plans.
Clement Attlee’s new government was elected just two months after VE Day in 1945. It faced problems that even today’s government could barely imagine. The UK was bankrupt and blitzed. Millions of demobbed servicemen and women expected new homes, jobs and better times, while the government knew that food and clothing rationing must continue for years. Abroad, they had the problem of Palestine and were committed to giving self-rule to India, amongst other countries.
You might think they’d have put setting up the new National Health Service on hold for a while. But as we know and appreciate 75 years on, they didn’t. They just got on with it and three or four years later had delivered on all of those promises.
How did they get it all done? I would highlight three factors, which might inspire you in your plans too. Firstly, they had been planning it for years while working with Churchill in the coalition, so they were ready. How long have you been planning for your move or purchase abroad?
Secondly, they found the right people to get things done, as diverse as Nye Bevan and Maynard Keynes. Energetic, hard-working, experts. We can be your experts when it comes to currencies, so do please talk to your trader on 020 8108 5337.
Thirdly, they set a tight end date and then just worked hard to get it done, step by step. If you need to gain residency abroad before the end of the transition period, you can do it!
The 1945 government also had to avoid a run on the pound if its financial position worsened. We seem to be avoiding that for now 75 years later, with the pound holding firm. GBP/EUR is above its post-Referendum average. This may not last the summer though.
The next month is very much a time for getting your ducks in a row, and that may include a forward contract, to set today’s excellent exchange rate.
