Poll: What effect has the plunge in the pound had for you?
Sterling has shed more than 10% of its value against the euro since the Brexit vote.
IRELAND’S LARGEST BUSINESS group, Ibec, has declared it a full-blown currency crisis.
Since the surprise Brexit vote in late June, the pound has dropped like a stone – potentially taking with it the fortunes of Irish exporters and other businesses dependent on UK trade.
Sterling has shed more than 10% of its value against the euro since the referendum outcome became known.
It currently buys less than €1.18 – the lowest level since late 2013 – taking another hit when the Bank of England cut interest rates last week.
Ibec has estimated every 1% drop in the value of the pound causes a 0.7% hit to Irish agri-food exports to Britain, while tourism is another sector that’s heavily exposed to the whims of the currency markets.
But it’s not all doom and gloom as anyone reliant on UK imports is suddenly getting a relative bargain.
With all that in mind, we’re asking readers: What effect has the plunge in the pound had for you?
