The Pound is in Trouble, is this the harbinger of the coming economic Appocolypse?

Question

This morning the British Pound dropped below the critical $1.30 exchange rate mark.

Brexit may be to blame or is it the quantitative easing which only helps the Rich and Greedy? This is a question I have been chewing on for awhile this morning.  To my UK based friends I wish them well

Answer 1

We're WINNING. The economy is great and Boris is the best PM ever. Jobs Jobs Jobs.

Answer 2

I think its Brexit. We're heading over the cliff on 31st with a bad deal or no deal.

It has a plus side for independence supporters, now when they say we can't keep the £1 we say thank F.

Comments

I thought Brexit had got done.

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I think I agree with you.  Seeing the pound drop below $1.30 is unheard of.......... 

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I can say that you only have the pound in name only.

Scottish merchants seem to take the british pound, but Scottish banks seem to print their own pounds.  Not all english merchants will take scottish pounds.  And when I returned and attempted to exchange the various pound notes, each bank was treated like a separate conversion.  With it's own fee.  Anyone traveling there needs to make sure that all notes are issued by the same bank.

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This is to do with the difference between currency and legal tender.  Scottish banknotes are issued by retail banks and not the central bank. They are not legal tender outside of Scotland. 

Any tourist would be better to ensure their notes are English. 

The pound originally belonged to Scotland but as with everything else it was absorbed by our larger neighbours and they tell us it's not ours.

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Ahh, so that is how that works.

I guess the difficulty is ensuring that the money is exchanged into english notes.  I made the exchange at one of the post offices.  Lol they did warn me that I should just spend all of the money.  

Actually, i could exchange scottish notes back in the US but it was expensive.  It cost me about $15 for each exchange.  I still have a 20 pound note from one bank as it was not worth it to exchange it.  I should have bought whisky with it. 

Maybe someday I will go back and can spend it.  Lol.

Answer 3

It is the uncertainty surrounding brexit.  Now that it is really going to happen, people with money are starting to worry.

But it might be a good time to visit the UK, before it breaks up and the pound is cheap.