How to navigate the economic downturn by managing your foreign exchange
After our first ‘normal’ Christmas in what feels like an age, we would have expected the mood to be buoyant….
Buoyant as we shed the shackles of now years of COVID, celebratory at the success of the vaccine programme, and reaping the benefits of the economic bounce back predicted when we were free of our generation’s first global pandemic.
Sadly the predictions were not to be, and the end of the pandemic, amongst other things, has more of a feel of a nasty hangover than a jubilant celebration. It’s been widely reported that the UK entered a recession in the third quarter of 2022, one that might last until 2024.
With soaring energy prices and the disruption of global supply chains driving up costs, inflation is still far outstripping any nominal wage increases constricting household purchasing power, which is being compounded by the effects of flash points like soaring energy prices.
Something often overlooked, is saving money through your foreign exchange provision. Here at Cumbria Chamber we have a long standing partnership with foreign exchange specialists, Moneycorp. Through our partnership, we’re looking to help promote transparency in the FX market and decrease the cost of foreign exchange for our members.
We know it’s not always easy to see the true cost of foreign exchange, so with Moneycorp you can carry out a free audit to help you paint a clear picture.
Moneycorp’s FX specialists will look at up to 12 months of data, including the times and dates of your transactions, the exchange rates, the type of products your business uses, and what currencies you trade. This allows them to understand your foreign exchange history and the needs of your business to show you accurately how and where they can save you money.
To schedule a free FX Audit, contact Cumbria Chamber on info@cumbriachamber.co.uk or call 0800 226 0040 and we’ll put you in touch with our Moneycorp representative.
None of the information contained in this article constitutes, nor should be construed as financial advice. Moneycorp Financial Risk Management Limited (company number 5774742) is registered in England. Its registered office is at Floor 5, Zig Zag Building, 70 Victoria Street, London, SW1E 6SQ. Moneycorp FRM is a trading name of Moneycorp Financial Risk Management Limited is authorised and regulated by the Financial Conduct Authority for the provision of designated investment business (firm reference number 452443). Moneycorp is a trading name of TTT Moneycorp Limited and is authorised by the Financial Conduct Authority under the Payment Service Regulations 2017 (reference number 308919) for the provision of payment services.
© Cumbria Chamber of Commerce