Falling pound affects expats living in Spain


The continued fall in the pound since the beginning of the year means that every day expats lose £10 from their annual income.

Overseas home owners, British holiday makers and expatriates are nearly £1 billion a year worse off because of the decreasing value of the pound. 

Those expatriates with mortgages or pensions living abroad are losing out as their income is transferred into euros.

Families planning to travel to the US and Europe are also having to cut back on their holiday spending by hundreds of pounds.

Experts believe sterling will plummet even further against the euro as Britain balances on the brink of a triple-dip recession.

Nearly 400,000 Britons live in Spain and the majority are retired.

While the weekly basic state pension is £107.45, currency specialists say the average amount claimed by a British couple living in Spain is £628 a month. This would have given them a monthly €778 but now they would receive only €722 which is a drop of €56 or nearly £50.

This takes £600 off their annual income over the 58 days since the slump began signifying a huge drop especially for anyone on a small fixed pension.

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