OMG!!!! How crap is the pound!!!
Mar 1st 2010 | 9:12 am
#16
Joined: Mar 2009
Posts: 1,986
Re: OMG!!!! How crap is the pound!!!
Mar 1st 2010 | 9:17 am
#17
Happy
Joined: Feb 2009
Posts: 2,942
From: Nova Scotia
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
It will be interesting to see what happens in the future between these two exchange rates
Mar 1st 2010 | 9:51 am
#18
BE Forum Addict
Joined: Aug 2007
Posts: 1,782
Re: OMG!!!! How crap is the pound!!!
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.
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.
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 am.
Mar 1st 2010 | 11:48 am
#19
BE Enthusiast
Joined: Nov 2009
Posts: 413
From: Gastown - East Van
Re: OMG!!!! How crap is the pound!!!
Mar 1st 2010 | 11:55 am
#20
Forum Regular
Joined: Jan 2005
Posts: 214
From: Kitsilano, Vancouver
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!
Mar 1st 2010 | 12:03 pm
#21
Immigration Consultant
Joined: Jun 2007
Posts: 2,144
From: Halifax, Nova Scotia
Re: OMG!!!! How crap is the pound!!!
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?
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?
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!
Mar 1st 2010 | 3:37 pm
#22
Joined: Aug 2005
Posts: 14,227
Re: OMG!!!! How crap is the pound!!!
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.
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.
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.
Mar 1st 2010 | 11:17 pm
#23
Joined: Dec 2008
Posts: 3,054
Re: OMG!!!! How crap is the pound!!!
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?
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?
Mar 2nd 2010 | 12:05 am
#24
Beep
Joined: Jan 2009
Posts: 8,311
From: Here
Re: OMG!!!! How crap is the pound!!!
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?
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?
Mar 2nd 2010 | 12:09 am
#25
Slightly Canadian
Joined: Jul 2005
Posts: 10,146
From: St. John's, Newfoundland
Mar 2nd 2010 | 12:51 am
#26
Immigration Consultant
Joined: Jun 2007
Posts: 2,144
From: Halifax, Nova Scotia
Mar 2nd 2010 | 2:26 am
#27
Forum Regular
Joined: Jul 2004
Posts: 228
From: Mississauga, Ontario
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.
Mar 2nd 2010 | 2:28 am
#28
Joined: Aug 2005
Posts: 14,227
Re: OMG!!!! How crap is the pound!!!
It's just paper - it is all little more than monopoly money.
Last edited by Alan2005; Mar 2nd 2010 at 2:31 am.
Mar 2nd 2010 | 3:35 am
#29
London-San Fran-Vancouver
Joined: Nov 2009
Posts: 336
From: Vancouver, BC
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.
Not sure we will be that lucky although it is possible that after the Olympics the rate may get a little better.
