Alistair Darling is not exactly my favourite person right now. It has absolutely nothing to do with the fact that his eyebrows is of a different colour as compared to his boyish mop of hair. Till now, I've not figured out whether he dyed his hair or his eyebrow.
However, it has everthing to do with the dramatic fall in value of the sterling pound has fallen in the past few months. When I first came to London some time in mid 2007, £1 could have gotten me S$3. 18 months later, the same pound can get me barely S$2.2 - a whopping 26% fall against the Singapore dollar.
Now, while I understand that it's not Chancellor Darling's fault that the banks collapsed and credit dries up. Heck, it may not be even Gordan Brown's fault although he did preside over the Treasury for nearly a decade under Tony Blair's administration. But witnessing a quarter of my salary go up in smoke is not exactly a pleasant experience.
Over the weekend, Twinkletoe (I can't stand that name so she'll be known as TwT from now on) and I were discussing about the fall in sterling pound while we were having some tea at Liberty and we were able to find some common ground on this issue.
2 Reasons why Fall in Sterling is beneficial:
- The decrease in Sterling's value will increase in exports in UK's goods, boost employment figures and would probably aid the UK's economy in a long run.
- If you're spending your pounds in the UK, it wouldn't matter anyway. That would encourage Britons to buy local produce.
- Foreign employees (yours truely included) who have to remit money back home every now will feel the pinch.
- Those using London as a launching pad to travel to Europe will have to contend with travelling to Wales and Scotland instead with the Sterling almost one on one with the Euro.
- Fans of Louis Vuitton, Prada or even LongChamp will have to fork out more to satisfy their craving for imported branded merchandise.
Obesity - a rich man disease?