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EXCHANGE RATE: The pound to euro exchange rate fell as wage growth slips to 2.5%
The pound to euro exchange rate has been going through a turbulent time since the referendum in June 2016.
Over the past week sterling has lost even more power after Prime Minister Theresa May unveiled a blueprint for Brexit and Boris Johnson resigned.
Today the exchange rate has dropped from €1.13308 to €1.12714 to the pound as UK wage growth slows to a six-month low.
As unemployment remains at 4.2% and wage growth slips from 2.6% back to 2.5%, Mark Carney tells MPs that a no-deal Brexit would have big economic consequences.
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“Our job is to make sure we are as prepared as possible,” said Carney.
“Speaking very narrowly about the financial services side, in the event of a no-deal scenario… there would be big economic consequences. We might have a lot of idle bankers as there is not a lot of demand for their services.”
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LIVE: The current exchange rate is €1.12722 to the pound
Tara Sinclair, economist and senior fellow at the global job site Indeed, comments: “Unemployment and the inactivity rate are at their lowest levels for more than four decades, and the employment rate is still marching upwards, leaving unanswered the question economists have been asking for months – how high can it go?
“The other great mystery is why such a tight labour market is not delivering faster wage growth. The gains made earlier this year are gradually being lost, and the average Britons wage packet is once again barely outpacing inflation.”
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Sterlings dwindling power ultimately means Brits travelling to Europe this year will get less for their money this year.
Last summer the exchange rate hovered around €1.14 to the pound and this year it is even lower at around the €1.12 mark.
Should I buy by euros now or wait until the rate improves?
Writing on his website Moneysavingexpert.com, Martin Lewis discusses whether Brits should buy their holiday money now or wait.
“Buy roughly half what you need at todays best rate – whether in cash or on a prepaid card (see how to get todays best rate), and then for the rest just rely on the best rate on the day you spend,” he said.
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Martin also revealed an easy way Brits can protect themselves against “currency swings”.
He said: “A few bureaux de changes terms can be manipulated to give you short-term protection against currency swings.
“These allow you to order for collection at todays rate, and cancel in up to 14 days time.
"That way if the rate weakens youve locked in; if it improves you just cancel and buy at the new better rate – its a bit like an insurance policy.”
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