London to the rescue

British retirees in Spain (300,000) are having difficulty to make ends meet due to the drastic dive of the British pound sterling in relation to the euro.  Whereas they set up whole communities in Spain where they could live well on their British pensions, many are now barely surviving.   With the devaluation of the pound they find their purchasing power cut by one-fourth to one-third.   The housing market has also taken a dip and those who must sell to survive are finding it virtually impossible.  They also miss out on social aid for older people including special funds for heating and for health care

The British government is now taking measures to create an assistance package to alleviate the situation.

For those of us who live in large countries with one currency, this may seem odd.  It is as though each state had a different currency that could fluctuate.

Bonnie In The News, Personal Finance British, devaluation, Euro, Pound Sterling, purchasing power, retirees, Spain