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In recent times, the pound to yuan exchange rate has continued to fall.
In the last 20 years, the pound exchange rate has fallen past 3.6% only 3 times (except this time), namely.
1. March 18, 2020, when it was an out-of-control epidemic in the United States.
2. June 24, 2016, when the result of the EU referendum was announced.
3. January 20, 2009, was the culmination of the panic caused by the 08 financial crisis, when the Federal Reserve cut interest rates to 0.
Why does the pound exchange rate continue to fall? Is this low exchange rate short-term, or will it be long-term? What is the impact of the plunge of the British pound on Chinese students? I'll explain it in detail.
Will the British pound continue to fall?
Influenced by factors such as the epidemic and inflation, JP Morgan analysts say the pound will continue to fall.
The current pound to dollar exchange rate of 1.09, by the end of March 2023, the pound fell more than 3% against the dollar.
With the pound falling, it's a good time to change your currency!
According to the above analysis of the continued fall of the pound, it can be a great time for UK students to change their currency.
For example.
Tuition fees for international students at UK universities range from £15,000 to £35,000 per year. If you exchange now (1:7.5), you can save $22,500-$52,500 a year compared to when the pound was high (1:9).
For Innovation Visa applicants, a minimum investment of £50,000 will save nearly RMB 75,000 compared to the high level of the pound (1:9).
For those who want to study in the UK or are already studying in the UK, you may want to take advantage of this great opportunity to exchange your money!
BUT... But... there is bad news: electricity, gas and even food prices in the UK are going up!
Electricity costs are soaring
The UK has announced that it will adjust its energy bills from October 1, with prices increasing by 80% to an average of £3,549 per year.
According to Reuters, energy bills may go up again in January next year due to the Russian-Ukrainian issue that has caused gas prices to hit record highs. The price of electricity has skyrocketed, and in the fall and winter!
The British calculations we heard at home, let's say that international students are advised to light candles at home to spend this autumn and winter.
Rents are rising again
Rent in the UK has always been a big part of the cost of living abroad! In recent years, rents have gone up as the study abroad boom in the UK has been on the rise.
Homelet released the latest statistics on the average rent in the UK in March 2022. The figures show that the average rent in the UK in March 2022 was £1,078 per month, an increase of nearly 10% compared to the same period last year.
Within the UK, the average rent in Greater London is £1,770/month, almost double the UK average monthly rent, while rents in the South East of England are also £1,148/month. In contrast, the lowest average monthly rent is at least £589/month in the North East of England.
This means that the rent for a year of study in the UK starts at £7,000, and in London it starts at least at £12,000, which is a lot of money if you study for several years or plan to stay in the UK for a long time. (Hundreds of thousands or even millions of RMB will be paid out in rent...)
