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Expats lose billions due to weak pound and currency fluctuations
| Published: | 18 Jun at 6 PM |
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Expat pensioners living all over the world have lost billions of pounds sterling due to the weakness of sterling and fluctuations in currency exchanges.
According to a leading currency exchange company, British pensioners living overseas have been hard hit since 2007 when the £ sterling was hit by the financial crisis. Currency fluctuations since the crisis hit have exacerbated the problem, as shown in a recent survey.
The maximum amount calculated to have been lost is around a stunning £10.6 billion, based on analysis of figures relating to 13 expat destination countries. Those worst hit are living in Switzerland, with the news getting worse as the Swiss franc strengthened and the pound weakened.
Expat retirees living in South Africa have been the luckiest, as sterling has weakened only slightly against the rand, but those living in popular EU member states such as Spain, France and Greece have been feeling the pinch for several years. Expats living in countries where their UK pension is frozen are the worst off, having to deal with soaring inflation and missing out on at least £8 billion.
The survey showed that retired expats living in other Eurozone states have seen their monthly state pension drop from €655 to €510 between 2007 and 2013 due to the financial crisis’s effect on currency stability. The UK government is facing yet more calls to end the inequality of frozen pensions, especially since Brussels stated it would look into the anomaly.
According to a leading currency exchange company, British pensioners living overseas have been hard hit since 2007 when the £ sterling was hit by the financial crisis. Currency fluctuations since the crisis hit have exacerbated the problem, as shown in a recent survey.
The maximum amount calculated to have been lost is around a stunning £10.6 billion, based on analysis of figures relating to 13 expat destination countries. Those worst hit are living in Switzerland, with the news getting worse as the Swiss franc strengthened and the pound weakened.
Expat retirees living in South Africa have been the luckiest, as sterling has weakened only slightly against the rand, but those living in popular EU member states such as Spain, France and Greece have been feeling the pinch for several years. Expats living in countries where their UK pension is frozen are the worst off, having to deal with soaring inflation and missing out on at least £8 billion.
The survey showed that retired expats living in other Eurozone states have seen their monthly state pension drop from €655 to €510 between 2007 and 2013 due to the financial crisis’s effect on currency stability. The UK government is facing yet more calls to end the inequality of frozen pensions, especially since Brussels stated it would look into the anomaly.
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