Importers fear collapse of sterling will wipe out profits

Analysts at payments firm Western Union Business Solutions believe the pound could sink as low as $1.45 in the weeks ahead. Christina Hamilton (CRM Director) said: “Many of our clients on the import side are worried about the direction sterling has taken. We have been hearing a lot about tight margins, and with consumer demand still so weak business are more likely to take the hit on currency costs than pass them on to customers. We have definitely seen the impact the falling pound is having on SMEs in particular.”

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Sectors: Financial & Professional Services and Foreign Exchange
Topics: Finance
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