Pound - Euro fx rate

Temporary Forum - Please keep it CIVIL and ON TOPIC regarding updates/ news / concerns on British living / travelling in the EU.
scooby
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Re: Pound - Euro fx rate

Postby scooby » Wed Jul 31, 2019 2:40 pm

bobscott wrote:A timely reminder Carolina. I too accepted Guy's remarks as a bit tongue in cheek. But I get a bit fed with hearing smug remarks referring to people who move to another country without sufficient capital behind them. We are lucky with our pensions which are by and large OK, and having sold our house here we have some capital behind us, but we NEVER took into account that the UK might decide to leave the EU. And it is the 'fear' of that which has reduced our income by about 22% since 2016. If we do end up with parity between pound and euro, that figure jumps to a little over 28%. Takes a bit of swallowing and absorbing, even with some capital behind us. Fortunately we are both well into the 'elderly' category, and are unlikely to outlive our bank balance! Bob.
Bob it’s nothing to do with being smug as you put it, if people don’t like my personal opinions then so be it but I won’t be stopped or bullied from saying how I see it.
Get Brexit done.

altohb
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Re: Pound - Euro fx rate

Postby altohb » Wed Jul 31, 2019 2:56 pm

FWIW many people I know (us included) did our sums very carefully indeed before we came here - in our case in 2006. The crisis, disappearing interest rates and collapse in exchange rates from 2008 onwards made a huge difference to our standard of living (like all of our Greek friends), which has been further exacerbated by my having 6 years pension stolen from me by the British government - around £36K at today's rates - not a small amount. There are many others in a similar position; those who are of working age have their own concerns as well. In this area, several of those who have gone back to the UK (usually for health reasons) have taken a significant hit on the value of their properties, or haven't been able to sell at all.

I do wish that some posters would get their heads out of their behinds and think of the effect their words might have on people who are worried sick and/or struggling to deal with the potential ramifications of Brexit.

Kamisiana
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Re: Pound - Euro fx rate

Postby Kamisiana » Wed Jul 31, 2019 3:30 pm

And if Greece had crashed out(remainer saying) a few years ago and the currency devalued , all those whinging now would be gloating about how much better off they are just like 12 years ago when the ex rate was 1.47 no one moaned about it then that's life and then you die.

Guy M
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Location: Kalamitsi Alexandrou

Re: Pound - Euro fx rate

Postby Guy M » Wed Jul 31, 2019 4:41 pm

Hi

I should apologise - I wrote the original post while waiting for an oil change at the local garage (cost, about half of the same car in the U.K.) so was probably a bit irritated. But I do think there is a moment of truth facing many expats all over Europe and the future may not be pretty. Also, out of sight does mean out of mind - the government is talking about slaughtering thousands of lambs in case of a No Deal; apart from being an abomination to do such a thing, it does illustrate the scale of the problems being faced - people running low on money here is likely to be treated as collateral damage. Joking aside, everyone should have a get out plan and not rely on the government to provide relief. Sorry to be gloomy.

GlennB
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Re: Pound - Euro fx rate

Postby GlennB » Wed Jul 31, 2019 4:50 pm

Guy M wrote:Hi

I should apologise - I wrote the original post while waiting for an oil change at the local garage (cost, about half of the same car in the U.K.) so was probably a bit irritated. But I do think there is a moment of truth facing many expats all over Europe and the future may not be pretty. Also, out of sight does mean out of mind - the government is talking about slaughtering thousands of lambs in case of a No Deal; apart from being an abomination to do such a thing, it does illustrate the scale of the problems being faced - people running low on money here is likely to be treated as collateral damage. Joking aside, everyone should have a get out plan and not rely on the government to provide relief. Sorry to be gloomy.


Agreed. A chilling statement from May a while back included the idea that, if expats lost reciprocal health service rights, they could just pop back to the UK for treatment. Er, that's a little tricky if you have nowhere to live, are not signed up with a GP and, presumably, are rather ill.

Our first steps are to investigate low-rent areas close to a relative or friends who might be able to help out here and there. South Wales is looking favourite for a number of reasons. We'll be sounding out locals here with a view to giving power of attorney to someone trustworthy in return for a commission on an eventual sale (if, indeed, it proves possible to sell). In minor news, it appears to be much more difficult to get our pet parrot back to the UK than it was to export her to Greece in the first place. MrsB has had this bird for over 40 years and would be heartbroken to leave her behind. Seems like a small thing, but it isn't.

What a colossal cockup.

scooby
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Re: Pound - Euro fx rate

Postby scooby » Wed Jul 31, 2019 4:53 pm

Guy M wrote:Hi

I should apologise - I wrote the original post while waiting for an oil change at the local garage (cost, about half of the same car in the U.K.) so was probably a bit irritated. But I do think there is a moment of truth facing many expats all over Europe and the future may not be pretty. Also, out of sight does mean out of mind - the government is talking about slaughtering thousands of lambs in case of a No Deal; apart from being an abomination to do such a thing, it does illustrate the scale of the problems being faced - people running low on money here is likely to be treated as collateral damage. Joking aside, everyone should have a get out plan and not rely on the government to provide relief. Sorry to be gloomy.

Guy, if you can beat getting an MOT and full service for 65 quid (and that’s on a 5 series bmw) then I must applaud you. And cheer up :D
Get Brexit done.

Mixos
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Re: Pound - Euro fx rate

Postby Mixos » Thu Aug 01, 2019 10:44 am

Scooby, no doubt you will tell me to mind my own business, but don't you think you should amend your location, now that you are back in the UK, as Warwick pointed out? I do believe that if forum members gave an accurate up-to-date location (and those who don't give one should add it) then we would all have a clearer picture of where we are coming from.. so to speak.

scooby
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Re: Pound - Euro fx rate

Postby scooby » Thu Aug 01, 2019 12:01 pm

Mixos wrote:Scooby, no doubt you will tell me to mind my own business, but don't you think you should amend your location, now that you are back in the UK, as Warwick pointed out? I do believe that if forum members gave an accurate up-to-date location (and those who don't give one should add it) then we would all have a clearer picture of where we are coming from.. so to speak.
Yes I should I suppose but I don’t think it’s compulsory to do so is it?
Get Brexit done.

bobscott
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Re: Pound - Euro fx rate

Postby bobscott » Thu Aug 01, 2019 3:40 pm

scooby wrote:
bobscott wrote:A timely reminder Carolina. I too accepted Guy's remarks as a bit tongue in cheek. But I get a bit fed with hearing smug remarks referring to people who move to another country without sufficient capital behind them. We are lucky with our pensions which are by and large OK, and having sold our house here we have some capital behind us, but we NEVER took into account that the UK might decide to leave the EU. And it is the 'fear' of that which has reduced our income by about 22% since 2016. If we do end up with parity between pound and euro, that figure jumps to a little over 28%. Takes a bit of swallowing and absorbing, even with some capital behind us. Fortunately we are both well into the 'elderly' category, and are unlikely to outlive our bank balance! Bob.
Bob it’s nothing to do with being smug as you put it, if people don’t like my personal opinions then so be it but I won’t be stopped or bullied from saying how I see it.


Wouldn't dream of bullying you or anyone else Scooby. Merely saying it how I see it. Bob.
Yesterday today was tomorrow. Don't dilly dally!

evansmr1
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Re: Pound - Euro fx rate

Postby evansmr1 » Fri Aug 02, 2019 8:32 am

Why are so many Topics in this Forum all Doom and Gloom?. Folks get a life. We all live in a wonderful place. Generally much cheaper to live than in the UK.
So the GBP has lost it's value. Complaining and moaning will not make it better. Not so long ago the rate was 1:17. It will come back again. Nothing that we can do to make the rate better. Some win, some loose.

Same as BrExit. Whether for or against, live with it. Wait for the outcome.

Lets see some happy posts. We are all alive, no flooding or hot one day wet the next. Enjoy life, live it to the full.

Me, I am full of beans. In good health and have are enjoying my 10+ years since moving here. Not rich in monetary, but sufficient, if careful, to enjoy my retirement.

HAPPY
Mike
=============
Sic parvis magnaike

scooby
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Re: Pound - Euro fx rate

Postby scooby » Fri Aug 02, 2019 8:47 am

evansmr1 wrote:Why are so many Topics in this Forum all Doom and Gloom?. Folks get a life. We all live in a wonderful place. Generally much cheaper to live than in the UK.
So the GBP has lost it's value. Complaining and moaning will not make it better. Not so long ago the rate was 1:17. It will come back again. Nothing that we can do to make the rate better. Some win, some loose.

Same as BrExit. Whether for or against, live with it. Wait for the outcome.

Lets see some happy posts. We are all alive, no flooding or hot one day wet the next. Enjoy life, live it to the full.

Me, I am full of beans. In good health and have are enjoying my 10+ years since moving here. Not rich in monetary, but sufficient, if careful, to enjoy my retirement.

HAPPY
well said!!
Get Brexit done.

Kilkis
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Re: Pound - Euro fx rate

Postby Kilkis » Fri Aug 02, 2019 9:40 am

I half agree with you, Evansmr1, but not totally.

Everybody has fixed costs. You have to pay your taxes, your utility bills, your food bills and in some cases rent. While you can normally reduce these a little it is difficult to reduce them a lot. For anybody with income in Sterling a falling exchange rate means that at some point they will not be able to pay those fixed costs. It is perfectly natural to worry when you see that point inexorably approaching. Obviously everybody's income is different so the critical point will be different for every individual but there are many who are reaching or have passed that critical point already. If you reach that point, evansmr1, and you are having your utilities cut off and being pursued by the tax authority come back and tell us how cheerful you are.

My first serious experience of varying fx rates was about 22 years ago. I came to Greece to work when £1 = Δρχ420. Shortly afterwards the rate fell to £1 = Δρχ540, approximately a 30 % drop. I was lucky because I was being paid in Drachmes and mostly spending in Drachmes so the change didn't really affect me, apart from some price inflation on imported goods. However, I still owned a house with a mortgage in the UK so I needed to send money back to the UK to pay the mortgage and that was quite a big hit. Again I was lucky because my boss rarely paid me and when he did it was always a lot less than I was owed so after surviving in Greece I didn't have any Drachmes left to convert to Sterling.

Looking back a further 20 years when I first came on holiday to Greece £1 = Δρχ240 so in that 20 year period the Drachma more than halved in value against Sterling. That demonstrates that a 2:1 variation in exchange rate is quite possible in a 20 year time frame, i.e. the sort of time frame somebody might expect to live here if they came at retirement. Incidentally, that earliest rate that I experienced was quite nice since Δρχ1 = 1d so working out prices was easy for anybody who had used pre-decimal Sterling.

Moving forward a decade, when I moved to Crete almost 13 years ago £1 ≈ €1.5 while now it is heading towards parity and possibly below which is a 33 % drop. Over the last three years it has traded largely between 1.1 and 1.2 so it has been relatively stable and recent arrivals will not have experienced the bigger movements.

Two final thoughts. Ed Conway, Sky's economics reporter, calculated the value of Sterling against a trade weighted basket of other currencies and found that Sterling has been falling for a very long period of time when measured in this way. The UK is still declining from its Imperial days. That doesn't mean that Brexit isn't important but it is only part of the picture. Also the Euro is a high risk currency posing as a low risk currency. One day the veil will tear but probably not as long as the ECB keeps the printing presses running or possibly because they keep them running too long.

Warwick

Maud
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Re: Pound - Euro fx rate

Postby Maud » Fri Aug 02, 2019 12:59 pm

There are other threads on LIC that are not full of ‘doom and gloom’ Mike. The fact this is one about already falling incomes for people, is bound to show signs of negativity. Everyone is entitled to post their own views....as long as they are polite and in line with Carolina’s code of conduct. You are correct in saying how lucky everyone is to be living in such a wonderful place, but it is wrong to assume that some people are not going to feel worried about their future, - even if it is only for the short term. (Which Is very doubtful).

This thread on the forum gives people an opportunity to ‘discuss’ their worries and views. It is right that it exists. I don’t think anyone would disagree about what a wonderful place Crete is, and I am sure nobody needs to be reminded about that, but for some these are worrying times. If you don’t want to read about them, then that is fine. It might be a good idea for you to give this thread a miss for now.

Did anyone hear Mark Carney on the Today Programme this morning? JH asked him what he made of the headline in the Telegraph today stating that he was full of doom and gloom again......after his speech yesterday! He also asked Carney why all his predictions after the referendum proved not to be true? Carney explained how the banks etc had stepped in to help avoid the worst of the fall out. The bottom line is that people believe what they want to believe, (ie Carney’s predictions were incorrect), not the facts!

peebee
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Re: Pound - Euro fx rate

Postby peebee » Fri Aug 02, 2019 1:40 pm

Maud wrote:Carney explained how the banks etc had stepped in to help avoid the worst of the fall out. The bottom line is that people believe what they want to believe, (ie Carney’s predictions were incorrect), not the facts!

Well if he knew that it could be avoided, why did he predict that it would happen ?

john4d
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Re: Pound - Euro fx rate

Postby john4d » Fri Aug 02, 2019 1:52 pm

Warwick wrote
Looking back a further 20 years when I first came on holiday to Greece £1 = Δρχ240 so in that 20 year period the Drachma more than halved in value against Sterling. That demonstrates that a 2:1 variation in exchange rate is quite possible in a 20 year time frame


and this is why Greece has been in financial difficulties since joining the Euro. Allowing its currency to float (or in this case sink) covered up its mismanagement. Now it has a "strong" currency that option is not available.
There's no such thing as a bad taste joke


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