The pound recently hit its lowest exchange rate against the euro since the single currency was launched. For those on fixed UK-based pensions this is a major issue. From a high of 1.5€ to the pound the exchange rate has dropped to 1.34 which means we are getting 11% less to spend each month. Add to that an increase in prices of basic goods of 7.9% over the last year and it's clear that many people have a real problem.
The pound’s weakness is also having a detrimental effect on tourism with many UK holidaymakers shunning countries in the Eurozone.
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