Britons Abroad Already Know What Pound-Euro Parity Feels Like
- Airport money changers are charging up to 101 pence for a euro
- Yet options signal parity is unlikely in wholesale market
HSBC, UBS See Euro-Sterling Parity by End of Next Year
This article is for subscribers only.
When U.K. businessman Paul Frampton bought the spending money for his family vacation to Tuscany this month, he was astonished to be charged almost a pound for each euro he purchased.
“I was flabbergasted,” said the 41-year-old media-company boss, who paid 97 pence per euro at London Stansted Airport and blamed work commitments for having to do the deal minutes before jumping on his flight. “Airport exchanges are renowned for poor rates, but this was tantamount to daylight robbery.”