We are currently experiencing technical difficulties with our telephone system.
We apologise for any inconvenience and are working to resolve this as soon as possible.
Evolution Money
Customer Enquiries 0161 814 9158
This website uses cookies. By continuing to browse the site you are agreeing to our use of cookies. Continue
Home > Pound sterling at seven year high against the euro

Pound sterling at seven year high against the euro

11th March 2015 | Published by Evolution Money

The pound is at its highest value against the euro for seven years, reaching € 1.40 for the first time since the end of 2007.

This means that Britons who holiday in Europe this summer will see their money go 15 per cent further than it did last year.

The rise follows recent news that the European Central Bank has started its programme of buying government bonds, as well as fears that Greece will leave the Eurozone.

Last summer, £1 was equal to € 1.2, which meant that for every £, UK holiday makers received € 1.18. £600 bought € 707. This year, holiday makers will receive € 822 for the same amount.

Jeremy Cook, head of currency strategy and chief economist at World First, foreign exchange traders, said that the euro is being ‘hammered’ because of the European Central Bank’s bond buying scheme, concerns regarding Greece’s future within the Eurozone and negative bank deposit interest rates.

European creditors have called on Greece to agree to a list of reforms before they are prepared to release loans. However, Dutch finance minister, Jeroen Dijsselbloem, has said that there has been very little progress made and that Greece is wasting time by refusing to seriously consider engaging in a programme of reforms.

The president of the European Central Bank, Mario Draghi, said that the bank intends to continue buying government bonds at least until the second half of next year, 2016.

The European Central Bank has a remit of keeping inflation at or below 2 per cent but it is currently close to deflation or negative inflation. Mr Draghi was optimistic, however, saying that spending by consumers was expected to improve during 2015, as the bond buying programme took effect. He also said that he expected demand for European exports to rise as the weak euro made prices more competitive.

Category: Money
This post was written by Evolution Money
Warning: Late payment can cause you serious money problems. For help, go to moneyadviceservice.org.uk

How our customers rate us

We’re proud of the high standard of our customer service and believe that each of our customers should be treated as an individual.
Evolution Money 90 out of 100, based on 112 reviews over the past year. 112 user reviews. Read our reviews

Members of the The Finance & Leasing Association

FLA logoThe Finance & Leasing Association is the leading trade body for the motor finance, asset finance and consumer credit industries in the UK.


Feeling social? Check out our social pages!

Tweet us on Twitter
Like us on Facebook
Pin us on Pinterest
Add us on Google+

Our Address

Evolution Money,
9 Portland Street,
M1 3BE

Registered Company Number: 06987852

Contact by Phone

General Enquiries:
0161 814 9158

0161 814 9165

Contact by Email

Evolution Money Limited is a licensed credit broker and service provider to Evolution Lending Limited. If your application doesn’t meet the underwriting requirements of Evolution Lending Limited we may pass your information to other lenders and brokers. Evolution Money Limited is a company registered in England & Wales, registration number 06987852 and registered at 8 St John Street, Manchester, M3 4DU. Authorised and regulated by the Financial Conduct Authority, firm reference number 708324.

© 2018 Evolution Money | Privacy Policy | Cookies | Complaints Policy | Breaking Down Our Loans | Terms & Conditions
Apply Online
I want to borrow £

You will receive a call today to continue with your application.
Thank you for taking the time to fill in our online enquiry form. Unfortunately in this instance we won't be able to help as being a homeowner is one of our primary requirements.
Start Here
Please wait

Please wait

Don't leave just yet!

Evolution Money are a multi Award Winning UK finance company with thousands of happy customers!

Award Winning

Our friendly loan advisors can let you know if you're eligible for a loan without affecting your credit score. Why not give us a call today!

Freephone 0800 144 8188

Back to Evolution