That European summer holiday is getting more expensive. Since the summer of last year, sterling has depreciated by over 16 percent against the euro.
Foreign investors are losing confidence in the UK. Unfortunately, we have collectively given them plenty of reasons to sell off sterling; we have a massive current account deficit, the housing market is collapsing; and our banks are teetering on the edge of insolvency.
Anyone for another interest rate cut? If the Bank of England slips in a few more over the coming months, sterling might reach parity with the euro by August bank holiday.