Pound is heading towards a parity with Euro reaching low today at 1.13 GBP-EUR.
There will be consequences of a weak Pound for both the UK and Ireland.
What are the immediate consequences of weak GBP for Irish people?
let's list just few:
There will be consequences of a weak Pound for both the UK and Ireland.
What are the immediate consequences of weak GBP for Irish people?
let's list just few:
- Cheap goods, shopping trips to Newry and increased orders from amazon.co.uk, good for consumer, hard time for Irish retailers. Cheap alcohol.
- Cheap second hand cars. Good for buyers, not that good for sellers as short term market value will decrease.
- Irish export to UK will decrease. Irish exporters will need to find new connections and targets for their goods. Establishing new connections may pay back in the long run though.
- Foreign professionals currently working in the UK already find their purchase power being shrunk. GBP-EUR parity should convince many to move out of UK and potentially to Ireland being another English speaking country. So we get educated workforce with no costs like education etc.
- Tourism from Britain will decrease
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