4 ms·

Nothing potential about it - your bank account is worth 10% less than it was yesterday.

• draugadrotten 10y ago
  ...and by the same logic, any mortgage is suddenly 10% smaller? Sounds like a good deal to the average citizen.
  • generj 10y ago
    No, because your mortgage is still denominated in pounds. No change there. But most goods are sold from other countries, so their prices just went up overnight. Of course, there are sticky prices but in general I would expect prices for imports to be higher in the near future with a weaker currency. However, a weak currency does encourage exports, so it is true that the benefits/costs are complex. But in the past large currency devaluations have been harmful to the average citizen, and that is the consensus on them.