![]() ![]() He considers himself lucky: Many of his clients pay in dollars, and he owns an investment property in the San Francisco Bay Area that he rents out in dollars.įor Emily Ashleigh, an American visiting the British capital, the incredibly shrinking pound has also been a boon. “It’s a rare chance to actually be on the better side of the money equation as an American in London,” said Asher, 48, who grew up in the San Francisco Bay Area and today runs a luxury travel company. home, along with the 4 million who visit each year, the switch in currency fortunes has changed the calculus of life and travel abroad in a positive direction. The British government has dropped plans to cut income tax for top earners after defending the proposal for days.īut for many of the 166,000 Americans who call the U.K. World & Nation In striking U-turn, Britain scraps tax cut for wealthy that helped spark market turmoil Some economists say the country has already entered one new figures Wednesday showed that the British economy contracted by 0.3% in August. ![]() In the U.K., which is struggling with a cost-of-living crisis and staring at a dark winter of record fuel costs, the multiple blows have led to predictions of a recession. The greenback has also hit highs against the euro, the Japanese yen and the Chinese renminbi as investors seek a safe haven amid the global political and economic turmoil resulting from Russia’s war in Ukraine. Federal Reserve hike of interest rates to combat inflation - has only made things worse. That sent investors fleeing the pound in droves and the currency plummeting to its historic low before an extraordinary intervention by the Bank of England helped stabilize it.Ī strong dollar across the board - spurred by a U.S. Then came the pandemic - Britain is the only nation among the Group of 7 industrialized democracies whose economy has not recovered to pre-pandemic levels - and now there are the policies of the new British government.Īfter replacing Boris Johnson as leader last month, Conservative Prime Minister Liz Truss vowed to cut tens of billions of dollars in taxes - including for the richest earners - but failed to spell out how Britain would recoup the lost revenue. Converting USD to GBP costs just 0.43% with Wise - making this by far one of the cheapest ways to get your hands on travel money for the UK.Business British pound plunges to new low against dollar as tax cuts spark concernīritain’s currency fell to its lowest value against the dollar amid concern over the economic policies of the government of Prime Minister Liz Truss. It’s free to open a Wise account, with a one time fee of 9 USD for the Wise debit card. You can also withdraw pounds from an ATM whenever you need them - giving you the safety of spending with a card, and the convenience of cash. And if not, the card can simply auto-convert your money at the real rate, for a small fee. Spending on the card will use the local currency if you have it in your Wise account - no matter where in the world you are. The Wise travel money card is likely to get you a better pound exchange rate and lower fees compared to your bank. Top up your card balance in dollars and convert those dollars to pounds to spend in stores and restaurants, or withdraw cash from ATMs when you need it. Travel money cards are a safe and convenient way to spend in pound sterling (GBP) - and if you pick the right one they could help you save on currency conversion, too. Best bank to transfer money internationally.Best foreign currency accounts in the USA.Complete international wire transfer guide. ![]()
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