Expats 'panicking' as pound declines

22/12/2008

The recent decline in the value of sterling is hitting one group of Britons particularly hard, a charity has said.

Expats who have retired to eurozone destinations such as Spain - and have a UK-based pension - are finding that they are struggling to make ends meet, the Observer reports.

The pound has dropped in value against the euro very sharply over recent weeks and currently stands near an all-time low of around €1.05.

Age Concern in the expat hotspot of Torrevieja now says that their annual Christmas hampers have changed for this year to reflect the financial crisis.

Instead of containing sweet treats, the charity packs are now concentrating on the basics.

Christmas boxes for UK expats from an over-50s charity have gone "back to basics" this year.

Judith Ferris at Age Concern told the newspaper: "This year we are being asked to put the basics into the hampers, not luxury goods.

"In the last ten days it has been hitting [the pensioners] hard. Panic is beginning to set in."

Tags; Income Worries and Debt, Retirement Money Problems,

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