Business & Finance

Strong euro versus sterling causing a dilemma.

I work in Northern Ireland but live in the Republic of Ireland and as such I pay a lot of my debts in euro but I get paid in sterling. The problem is that recently sterling has dropped enormously in value against the euro, so much so that for every £1000 sterling that someone earns which would have been €1450 euro three or four months ago, is now only worth about €1250, which is a pretty big drop if most debts are in euro. Firstly does anyone know is there a liklihood of sterling making a recovery. Secondly has anyone any tips on how best to deal with the situation bar quitting and getting a job in the Republic. Thanks in advance for any helpful information.

styley Wed 23/04/08 00:45

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Hawkwalk
Wed 23/04/08
16:41

doesnt look like much of a recovery in the near future. Not much you can do about it other than move to Northern Ireland so your outgoings are in sterling or as you say, get a job in the Republic.

R1Geezer
Thurs 24/04/08
10:42

You illustrate perfectly the problems of earning in a currency that you do not pay your bills in. The only answer is to get a job in the Republic or move to the UK instead of just working there. You could of course pursuade UK to join the Eurozone or indeed you could get The Republic to join the pound!

No one knows what the currencies will do relative to each other so hang on it may get better! Or even worse, tough one!

sp1214
Fri 25/04/08
21:44

I think I remember someone gloating about the demise of the £ against the Euro say it was a 15% devaluation of sterling and how it would help our exports enormously. I suppose if everyone had a 15% pay cut to help the country it would do wonders.

styley
Fri 25/04/08
21:56

Question Author

Yeah, admittedly it probably is very good for british exports as they're stuff is cheaper to all the euro currency countries. I'll have to start doing all my shopping in the north now to, moreso. Doesn't help pay the bills but.

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