Currency exchange rate 'forcing expats home'

New figures from a debt charity have suggested that the poor sterling exchange rate could be forcing some expatriates to return to the UK.

The Consumer Credit Counselling Service (CCCS) revealed that, compared to 2009, the charity received a 33 per cent rise in calls from expatriates looking for debt advice in the first quarter of this year.

It has attributed this rise to the declining value of the UK's currency, which, it claims, is preventing people from paying off their debts in the UK and putting a strain on daily living.

Additionally, some people living abroad, such as pensioners, will be receiving their income in sterling.

For these people, the cost of living will have rocketed recently due to the pound's poor currency exchange rate, adding to their financial stress.

Laura Carver, CCCS helpline manager, commented: "The decreasing value of the pound is the main reason that those living abroad are struggling to repay their debts.

"We have had people whose income had allowed them to live comfortably abroad, and although that income hasn't changed, they have been left struggling to make ends meet by the decreasing value of the pound."

"Many are considering moving back to the UK," she added.

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Posted by Thomas Smith