Desperate times for call for desperate measures.
The UK economy has shrunk by 24.5% according to the ONS – a scale never before seen before in history.
As a result, the Bank of England is now considering the mindboggling: “negative” interest rates.
This could have serious knock-on effects for the Pound.
Falling interest rates weaken a currency. Negative rates are far more extreme.
The Pound has been resilient recently as Coronavirus data has improved. However, economic reality awaits.
As currency specialists, we appreciate our clients want to get the best rate possible.
But often sitting back and hoping for a certain rate in the future can be counterproductive and costly.
We can help structure a plan, discuss levels to aim for or ways to mitigate your currency risk.