Sterling Plummets Following Brexit Announcement

Sterling plummeted after Theresa May announced that Article 50 would be triggered by end of March 2017. The “Flash Crash” saw Sterling lose 6% of its value on Thursday. The Pound fell to as low as 1.13 against the dollar and now trades at 1.23. The Euro fell to 1.12 and is currently being sold to consumers at 1.08 on the high street. The turmoil is likely to continue until there is clarity over the exercise of Article 50 and its impact on the UK economy.

If you are a contractor and are looking to go abroad, now might not be the best time to convert your Pounds. In fact, now would bea good time to call in debts from any overseas customers.