What the falling value of the pound means for UK consumers

Here is a look at what the falling value of sterling means for the pound in your pocket:

- A prolonged fall in the value of the pound, which the country is seeing, will affect import costs and ultimately consumer prices. Some retailers have already warned of rising prices at the tills

- Former chief executives of Tesco, Sainsbury's, Asda, Morrisons, Marks & Spencer and B&Q warned ahead of the referendum that a drop in the pound - coupled with supply chain disruption - would cause prices to spike

- Motorists are expected to see the cost of petrol and diesel rise as the wholesale cost to UK retailers rises

- British tourists will see their spending power dramatically reduced. Not only has the pound collapsed against the dollar, but it has also plunged against the euro - with experts warning that it could reach parity by next year

- But tourists coming to Britain will have more pounds in their pockets and, theoretically at least, spend more

- British expats, such as the 300,000 plus sunning themselves in Spain, paid in sterling will see the value of their wages and pensions fall

- UK exporters will be able to sell their goods for cheaper to foreign buyers, making them more competitive. However, the benefit may be offset if Britain leaves the single market and the EU imposes steep tariffs on British goods

- Some housing market experts have suggested falls in the pound could tempt overseas investors to snap up more homes in the UK, as the price of property would appear relatively "cheap" to them. This could have knock-on effects for domestic buyers trying to find a home, particularly those in London

Read Full Story