Fall in sterling could be good news for Jersey
LAST week’s fall in value of the pound to an eight-year low could be good news for Jersey and, according to the chief executive of Visit Jersey, could even boost the Island’s tourism industry.
As sterling fell against the euro last week to 1.0835 euros – recovering slightly a few days later – local commentators gave their views about the current and future effects of the unpredictable post-Brexit exchange rate on Jersey.
Jersey Post reported changes in currency sale trends as Islanders swap traditional holiday favourites for ‘safer’ alternatives, Jersey Finance chief executive Geoff Cook said Jersey’s predominantly export-based economy would benefit from a weaker sterling as services like finance could be more competitive, and Keith Beecham, chief executive of Visit Jersey, said current exchange rates could ‘positively affect the number of visitors choosing Jersey as their holiday destination of choice in 2018’.
Mr Beecham said the impact would be best felt next year as the majority of people book their holidays early in the year.