The pound sterling has fallen to a record low for the first time since 1985.
On Monday, the pound’s value decreased by almost 5% to $1.0327. While this news may have adverse effects for households, UK businesses may actually find it beneficial.
UK businesses may see an increase in sales if they export their goods overseas, as products will become cheaper to foreign buyers. However, goods that are imported from overseas will become more expensive during this downfall.
The weakened value is also expected to boost the FTSE 100 due to the potential increase in sales for businesses as over 70% of companies on the index are from overseas.
The Financial Times Stock Exchange (FTSE) 100 index is a list of the 100 largest companies trading on the London Stock Exchange. This is based on the company’s market value.
If you currently, or are looking to export goods abroad, our business development service includes strategic long and short-term business planning.
