How Will The Election Affect Me Migrating To Australia? – Q&A with John Kinghorn
With the general election looming, the party leaders have all been doing their utmost to appeal to voters. So far though, there’s a lot of uncertainty, and the prospect of a hung parliament seems highly likely – causing many to question what will happen to the value of the pound in currency markets. Just last year it was revealed that Australia is home to a whopping 1.277 million British expats, all looking for an improved quality of life - and with so many Britons hoping to leave the UK for a warmer climate Down Under, it’s only natural that people are concerned. Luckily, our Head of UK Private Partnerships, John Kinghorn is on hand to answer your questions.
- What will a hung parliament mean in terms of pound value?
A hung parliament would provide political uncertainty – financial markets don’t react well to uncertainty, therefore this could weaken the pound in the short term.
- Should I transfer my money now or ahead of the UK election?
There’s no easy answer to this question, as it largely depends on the timeframes involved, and with the election so near, you’ll likely want to settle this issue in enough time. It’s in your best interests to speak to a moneycorp account manager. They will be able to provide you with expert guidance relating to your individual circumstances, and they’ll go through the various ways you can buy your currency to help you get the best rate, whatever the outcome of the election.
- How do you see the Australian dollar performing for the rest of 2015?
There are two factors which could affect the Australian dollar: further interest rate cuts and the performance of the mining industry. Once the election is over, all eyes will be focused on the state of the UK economy, in the hope that it improves enough to compete with the Australian dollar.
- How will the election affect the pound/Australian dollar exchange rate?
We recommend you speak to one of our advisors directly about your concerns. We’ll keep you updated with the current exchange rate and assist you with maximising any currency transfers you need to make, both to and from Australia.
Concerned about how the election may affect you? Keep your questions coming in, via our Facebook and Twitter pages – we’ll be happy to help you. Or contact us: /uk/contact-us/personal/