The pound sterling is currently trading at $1.2682 against the dollar, according to Bloomberg. Simon Cundey, managing director of Savile Row tailors Henry Poole & Co, insisted the weak pound as a result of Brexit has tempted people to take a trip to the UK. Mr Cundey told CNBC: “I think the pound has obviously been attractive for people to come over to the UK. You have to think of the bigger picture – it’s not just only suits, it’s also a reason to come to Britain. You know, the hotel prices, the theatre prices – all of that is playing a part in being attractive.”
Sterling, at its highest, was sitting at $1.43 against the dollar now it is around $1.26.
When asked how significant the swing in the exchange rate is, Mr Cundey said: “It is a big swing.
“I mean, we were talking about $1.60 just a couple of years ago as well. So that has changed dramatically and I think that’s the picture of what’s attractive for overseas players to come into the UK to make a holiday with the family or a business trip that can bring a conference together.
“And suddenly what was a destination in other parts of the world could be London.”
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The Bank of England cut UK growth forecasts today as it highlighted on “further intensification of Brexit uncertainties” as top of its concerns for the UK economy.
Meanwhile, interest rates were left at 0.75 percent on Thursday after a unanimous vote by the Monetary Policy Committee (MPC).
The MPC cut growth forecasts for the final quarter of 2018 to 0.2 percent, citing Brexit turbulence and a slowing global economy as main driving factors behind a fear of a slowdown in the UK economy.
The move marked a downgrade from 0.3 percent previously guided. It said that growth was “likely to remain around that level in the first quarter of 2019”.
In minutes of the MPC meeting, the Bank of England said: “The further intensification of Brexit uncertainties, coupled with the slowing global economy, has also weighed on the near-term outlook for UK growth.
“Business investment has fallen for each of the past three quarters and is likely to remain weak in the near term.
“The housing market has remained subdued. Indicators of household consumption have generally been more resilient, although retail spending may be slowing.”
The Bank said that the loosening of fiscal policy previously announced in the Government’s Budget “would boost GDP by around 0.3 percent over the MPC’s forecast period”.
This, in turn, is expected to boost inflation slightly during the second half.
The Bank expects inflation to fall below its 2 percent target in January to around 1.75 percent and “remain under target over the subsequent few months”.