Result of latest Brexit Poll sends sterling exchange rate soaring

Published:  26 May at 6 PM
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Tuesday’s Brexit poll result is bringing good news to expats living in EU member states due to its positive effect on sterling exchange rates.

Expats living in favourite European retirement havens are happy to receive positive news on two fronts this week. Results of a new Brexit poll by ORB Telegraph revealed the Remain campaign is now ahead by a full 13 points, with the immediate effect that sterling rose against the Euro to 1.32 to the pound.It’s especially good news for retirees on UK state pensions, the real value of which has been steadily eroding as the Brexit vote draws nearer.

The fact that the increase in the value of sterling was based simply on the poll result demonstrates without doubt that leaving the EU would have a devastating effect on exchange rates for Brits living overseas. The result is a blow for the Leave campaign, showing that just 42 per cent of respondents are planning on supporting Britain’s exit from the European Union as against 55 per cent hoping to ensure the UK stays within Europe.

Over the past few months, expats living and working in EU countries have been unable to gain any reassurance from the British government as to their legal right to free movement and residence in their chosen country should Brexit succeed. The rise in sterling doesn’t just have a positive effect on UK expats within Europe, as a stronger pound affects the majority of currency exchange rates in non-EU countries.

For retirees living in countries without reciprocal pension agreements with the UK, the government’s frozen state pension policy can lead to comparative poverty, making even a small increase in the value of sterling a welcome bonus. Analysts suggest that, at this time, Brexit is the prime influence on sterling, overtaking the prospect of a bank rate cut or deflation and moving the currency in the right direction at present. It’s to be hoped that the stronger the Remain campaign becomes, the stronger sterling will become, not just against the Euro but against a basket of other currencies as well.
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