Go Back  British Expats > Living & Moving Abroad > Canada
Reload this Page >

OMG!!!! How crap is the pound!!!

OMG!!!! How crap is the pound!!!

Old Mar 1st 2010, 9:12 pm
  #16  
 
Joined: Mar 2009
Posts: 1,986
lmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond reputelmartin999 has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by R I C H
How relevant is that comparison once you're actually earning CAD$ though? Surely the cost of living is more relevant, and I don't see that there's a great deal of difference there.
True, it is quite fun to compare though. Obviously, doing the same conversion with the mortgage quickly eliminates any real sense of euphoria. Just need to go to the UK more to spend it
lmartin999 is offline  
Old Mar 1st 2010, 9:17 pm
  #17  
Happy
 
Howefamily's Avatar
 
Joined: Feb 2009
Location: Nova Scotia
Posts: 2,942
Howefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond reputeHowefamily has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Exchange rates are affected by a countries inflation, its called Purchasing Power parity. If a country has a relatively high inflation rate then we should see the value of its currency decline.

It will be interesting to see what happens in the future between these two exchange rates
Howefamily is offline  
Old Mar 1st 2010, 9:51 pm
  #18  
BE Forum Addict
 
Joined: Aug 2007
Posts: 1,782
johnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to beholdjohnh009 is a splendid one to behold
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by Paul Wildy
I'm afraid I dont know the answer to your question but I did do some research into the historical exchange rates once and I believe the lowest was 1.45 in 1985. So I think it would probably be wrong to assume it couldnt go lower. If its done it before it can do it again.

If you've got funds to move over then the exchange rate being as low as it is is a big concern - no question. But I also think you have to balance that with the relative strength of the Canadian economy versus the UK economy (which is largely why the exchange rate is as it is anyway). Salaries in Canada are now (at the current exchange rate) comparatively high versus the UK. Also job prospects are good and the economy is growing very quickly - over 5% in Q4 last year. In contrast the UK government's efforts to "stimulate" the economy have left it saddled with enormous debt that it will take a decade to recover from. This is going to make it harder and harder to provide basic public services such as healthcare and policing that people rely on for a decent quality of life. So if you take a long-term view I think there is no question that you will be better off in Canada.
The UK has the second highest salaries in the World:

http://www.fairsalaries.com/salary-r...t-type=country

Go to any source and you will find this to be the case. Exchange rates are irrelevant if you are earning pounds and spending pounds.

If you go back to the early 1990s, Canada's debt was also spiralling out of control but these things can be turned around with prudent fiscal policies.

As for job prospects, it depends on what field you are in. Come and look at manufacturing in Ontario. Maybe as an immigration consultant, this would be bad for business?

Last edited by johnh009; Mar 1st 2010 at 9:56 pm.
johnh009 is offline  
Old Mar 1st 2010, 11:48 pm
  #19  
BE Enthusiast
 
Joined: Nov 2009
Location: Gastown - East Van
Posts: 413
canadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to beholdcanadian_critic is a splendid one to behold
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by lmartin999
Long may it stay low. I'm loving visiting the UK and being able to afford things. Converting my salary also makes me feel rather good. Actually, having just done it online, change that to very good
One way of feeling you're getting a pay rise I suppose
canadian_critic is offline  
Old Mar 1st 2010, 11:55 pm
  #20  
Forum Regular
 
allie2's Avatar
 
Joined: Jan 2005
Location: Kitsilano, Vancouver
Posts: 214
allie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud ofallie2 has much to be proud of
Default Re: OMG!!!! How crap is the pound!!!

I just got the maturity value of my endowment policy. Over 10 years, it is worth 240GBP more than I paid into it - and the exchange rate kills it even further. Aargh! I was expecting more, even in today's economy but I guess I should be happy that I am at least getting my money back!
allie2 is offline  
Old Mar 2nd 2010, 12:03 am
  #21  
Immigration Consultant
 
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Paul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by johnh009
The UK has the second highest salaries in the World:

http://www.fairsalaries.com/salary-r...t-type=country

Go to any source and you will find this to be the case. Exchange rates are irrelevant if you are earning pounds and spending pounds.

If you go back to the early 1990s, Canada's debt was also spiralling out of control but these things can be turned around with prudent fiscal policies.

As for job prospects, it depends on what field you are in. Come and look at manufacturing in Ontario. Maybe as an immigration consultant, this would be bad for business?
Thanks for that. You're not the first person to imply that just because I practice in the immigration field that I'm inclined to mercilessly try to trick everyone into moving to Canada just for my own gain but I can promise you that isnt the case - the demand is higher now than it has been for years regardless of what I say. Surely you realise that this forum is made up of people that have already made the move, are waiting for visas, or have largely made their minds up to move to Canada anyway? There's really nothing to be gained by trying to "sell" Canada on here; I'm just expressing my own opinion based on personal experience as much as anything else.

The "fairsalaries" table makes for very interesting reading but it doesn't say where the data was collected from or when. Plus its obviously complete and utter rubbish because, according to this table, the average salary in the UK is USD$136,836. Which at today's exchange rate equals GBP91,419! So that's what you're trying to tell me the average UK salary is? Even though the Office of National Statistics data for December 2009 puts the average total earnings (including bonuses) in the UK at just over GBP23k (see: http://www.statistics.gov.uk/pdfdir/lmsuk0210.pdf)? Even a salary of GBP45k in the UK puts you in the top 10% of earners and over GBP90k probably in the top 2% of earners!
Paul Wildy is offline  
Old Mar 2nd 2010, 3:37 am
  #22  
 
Joined: Aug 2005
Posts: 14,227
Alan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by Paul Wildy
I'm afraid I dont know the answer to your question but I did do some research into the historical exchange rates once and I believe the lowest was 1.45 in 1985. So I think it would probably be wrong to assume it couldnt go lower. If its done it before it can do it again.

If you've got funds to move over then the exchange rate being as low as it is is a big concern - no question. But I also think you have to balance that with the relative strength of the Canadian economy versus the UK economy (which is largely why the exchange rate is as it is anyway). Salaries in Canada are now (at the current exchange rate) comparatively high versus the UK. Also job prospects are good and the economy is growing very quickly - over 5% in Q4 last year. In contrast the UK government's efforts to "stimulate" the economy have left it saddled with enormous debt that it will take a decade to recover from. This is going to make it harder and harder to provide basic public services such as healthcare and policing that people rely on for a decent quality of life. So if you take a long-term view I think there is no question that you will be better off in Canada.
Two years ago I would have agreed with you. Now I disagree. Your argument about the stimulus applies equally (if not more) to the US. Canada (and asia for a few more years) needs the US consumer and the US consumer is maxed out.

I have two issues with GDP measures:
- Inflation is under-reported in the G7. GDP figures will look good when this happens.
- Whilst stimulus measures are in place, GDP figures are contain an element of the extra debt the government is accumulating. This is work we have to do in the future, not work we have done now - in effect we are adding a bit of tomorrows GDP to todays.
Alan2005 is offline  
Old Mar 2nd 2010, 11:17 am
  #23  
 
Joined: Dec 2008
Posts: 3,054
dboy is an unknown quantity at this point
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by johnh009
The UK has the second highest salaries in the World:

http://www.fairsalaries.com/salary-r...t-type=country

Go to any source and you will find this to be the case. Exchange rates are irrelevant if you are earning pounds and spending pounds.

If you go back to the early 1990s, Canada's debt was also spiralling out of control but these things can be turned around with prudent fiscal policies.

As for job prospects, it depends on what field you are in. Come and look at manufacturing in Ontario. Maybe as an immigration consultant, this would be bad for business?
what a bunch of crap. 136,000 USD - bollocks. try more like 30,000 quid.
dboy is offline  
Old Mar 2nd 2010, 12:05 pm
  #24  
Beep
 
el_richo's Avatar
 
Joined: Jan 2009
Location: Here
Posts: 8,311
el_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond reputeel_richo has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by johnh009
The UK has the second highest salaries in the World:

http://www.fairsalaries.com/salary-r...t-type=country

Go to any source and you will find this to be the case. Exchange rates are irrelevant if you are earning pounds and spending pounds.

If you go back to the early 1990s, Canada's debt was also spiralling out of control but these things can be turned around with prudent fiscal policies.

As for job prospects, it depends on what field you are in. Come and look at manufacturing in Ontario. Maybe as an immigration consultant, this would be bad for business?
UK avge salary is £90,000?
el_richo is offline  
Old Mar 2nd 2010, 12:09 pm
  #25  
Slightly Canadian
 
Atlantic Xpat's Avatar
 
Joined: Jul 2005
Location: St. John's, Newfoundland
Posts: 10,127
Atlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond reputeAtlantic Xpat has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by el_richo
UK avge salary is £90,000?
That's it. I'm moving back.
Atlantic Xpat is offline  
Old Mar 2nd 2010, 12:51 pm
  #26  
Immigration Consultant
 
Joined: Jun 2007
Location: Halifax, Nova Scotia
Posts: 2,144
Paul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond reputePaul Wildy has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by el_richo
UK avge salary is £90,000?
And less than GBP900 per year in Italy according to that chart - makes you wonder how they afford all those designer clothes doesn't it?
Paul Wildy is offline  
Old Mar 2nd 2010, 2:26 pm
  #27  
Forum Regular
 
Joined: Jul 2004
Location: Mississauga, Ontario
Posts: 228
Cyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond reputeCyan has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

1.56 CAD is astonishingly low. When I moved in 2000 it was around 2.10 CAD to the Pound. Back then, most people regarded Canadian dollars as little more than monopoly money....how times have changed.
Cyan is offline  
Old Mar 2nd 2010, 2:28 pm
  #28  
 
Joined: Aug 2005
Posts: 14,227
Alan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond reputeAlan2005 has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by Cyan
1.56 CAD is astonishingly low. When I moved in 2000 it was around 2.10 CAD to the Pound. Back then, most people regarded Canadian dollars as little more than monopoly money....how times have changed.
It's just paper - it is all little more than monopoly money.

Last edited by Alan2005; Mar 2nd 2010 at 2:31 pm.
Alan2005 is offline  
Old Mar 2nd 2010, 3:35 pm
  #29  
London-San Fran-Vancouver
 
BadgerNaboo's Avatar
 
Joined: Nov 2009
Location: Vancouver, BC
Posts: 336
BadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud ofBadgerNaboo has much to be proud of
Default Re: OMG!!!! How crap is the pound!!!

We are due in Vancouver at the end of March and I was hopefully waiting for the situation to get a little better before exchanging our money..

Not sure we will be that lucky although it is possible that after the Olympics the rate may get a little better.
BadgerNaboo is offline  
Old Mar 2nd 2010, 3:45 pm
  #30  
Pea Brain
 
R I C H's Avatar
 
Joined: Jun 2005
Location: TBD
Posts: 6,005
R I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond reputeR I C H has a reputation beyond repute
Default Re: OMG!!!! How crap is the pound!!!

Originally Posted by BadgerNaboo
it is possible that after the Olympics the rate may get a little better.
Why?
R I C H is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.