What is happening? The pound continues its capitulation and surrendering its value to the Dollar. The reason today is that too many of us in the UK were watching the World Cup and didn’t go shopping which kept inflation in check. This resulted in the rumours that interest rates weren’t going to raise until later in the year.

Our Florida holiday in September is going to be an expensive one if the interbank rate stays around $1.30 to the pound. I expect that the UK tourist industry is laughing all the way to the bank with visitors to the UK bound to rise.

Next thing is that rates will drop because of the lack of rain and the impact on umbrella manufactures!