With fears of a fuel tankers strike rising in the UK we have seen demand for petrol up by 172% as people queue for hours in some places to ensure they can fill their tank before the petrol dries up. While no strike has been agreed yet it has not stopped people from panic buying to avoid being left with no fuel and as a result the tax revenue from this has increased significantly. At a time when the UK economy could use a shot in the arm to avoid recession there are some sceptics saying that the government are unlikely to try to calm fears as this is actually helping their cause! Either way the effect on the economy and therefore Sterling is still unclear. Should a petrol strike take place we could see the economy come to a standstill which could really damage the economy and help push us into recession, however if the strikes are avoided the tax revenue through the panic buying could help the UK economy avoid falling into recession and therefore give Sterling exchange rates a boost. This morning Pound Euro exchange rates and Pound Dollar exchange rates are both providing us some good opportunities to buy foreign currency.
If you are looking for great exchange rates on your money transfer and would like to discuss how the petrol crisis and other economic data could effect your currency purchase speak to us today. One of our experienced currency brokers can clearly explain all the options available to you so you can make the most informed decision on when to make your exchange. Call us today on our freephone number 0800 328 5884 or email us at firstname.lastname@example.org.