Partly Cloudy

Partly Cloudy

max temp: 27°C

min temp: 15°C

Search
Archant Local Impact

Bank predicts the pound will be worth the same as the euro by early next year

PUBLISHED: 08:00 12 August 2017

Morgan Stanley says the values of the euro and the pound are heading for parityPhoto: Julien Behal/PA Wire

Morgan Stanley says the values of the euro and the pound are heading for parityPhoto: Julien Behal/PA Wire

British holidaymakers should brace themselves for more Brexit pain when they change their pounds into euros, after Morgan Stanley forecast the currencies are on the way to parity.

Yesterday the pound was trading at 1.09 euro after collapsing from 1.31 euro the day before Britain voted to quit the European Union in June.

But the US investment banking giant believes the dilapidated British currency has further to fall and is pencilling in pound-euro parity in the first quarter of 2018, when £1.02 will buy just one euro.

It would signal the first time in its 18-year history the euro has reached parity with sterling.

Piling on the misery, Morgan Stanley said: “The UK economic outlook looks bleak, with stretched household balance sheets, Brexit negotiation uncertainty potentially weighing on business investment, and net exports growth staying subdued.”

Search hundreds of local jobs at Jobs24

Essex Chambers of Commerce have joined forces with Essex Police and the Essex Police Fire and Crime Commissioner Roger Hirst to work together to tackle crime against businesses across the county.

From Titan the giant robot who does Sean Connery impressions, to Titan the 99 year-old tractor that’s been lovingly restored, there was plenty to amuse both young and old at this year’s Tendring Show.

Plans to invest £1million in a key stretch of Ipswich connecting the town centre with the Waterfront have been announced as part of a multi-million pound pilot for Suffolk.

Following on from the release of the UK government’s long-awaited White Paper on Brexit, John Dugmore, Chief Executive of Suffolk Chamber of Commerce, says he is pleased businesses now have a more comprehensive understanding of the Government’s aspirations for the UK’s future relationship with the European Union. But he also has some reservations.

It is proving a bumper year for river cruses, from Ipswich Waterfront, on the Orwell Lady and the SB (sailing barge) Victor.

Management Jobs

Show Job Lists

Most read

Topic pages

Newsletter Sign Up

Sign up to the following newsletters:

Sign up to receive our regular email newsletter

Our Privacy Policy

MyDate24 MyPhotos24