Sterling gains against the Euro wiped out
Just when the many pensioners in Spain, who receive UK pensions, were thinking that things were on the up, as the Euro exchange rate hit 1.18 to the pound, it has slipped back to 1.14, based on commercial rates. Anyone on holiday, who needs to get hold of Euros, will now get less for their money. While the FTSE 100 is hovering around the 4,900 mark (slightly down today) there is still hope that the economy is starting to move in the right direction. Unemployment in the UK is at 3.3 million (estimated) or if you believe one English newspaper it is nearer 6 million.
Some people suggest Spain may take another 5 years befoe seeeing serious recovery in the property market, which will mean plenty of bargains for some time for would be investors in property.
