The value of the pound has tumbled to historic lows since the UK’s Brexit vote. Here are 5 money making ways you can take advantage:
Champion Idea No 1: Let’s get going
When the value of the pound falls, travelling to the UK gets cheaper for tourists and visitors. Think about letting your room or house out, or even setting up a bed and breakfast for foreign tourists. You can make up to£7,500 tax free.
Champion Idea No 2: Share the wealth
Consider investing in the stock market. A fall in sterling has had a sterling impact on the FTSE 100 basket of leading stock market shares. This is because a lot of these companies generate sales outside of the UK such as the large pharmaceutical, mining, oil and consumer giants. These revenues and profits have suddenly become a lot higher in pound terms – boosting share prices.
Champion Reminder – investing in the stock market can be risky and your capital is not guaranteed.
Champion Idea No 3: Going global
Think about selling goods and services abroad. British exports could start to look very cheap when translated into foreign currencies. The Department of International Trade has some starting points.
Champion Idea No 4: Tour de Force
Think about becoming a tour guide or working for agencies that deal with US and foreign visitors.
Champion Idea No 5: An important lesson