Dagong Global Credit cut the UK’s credit rating in May. The cut came with a revision of the UK’s growth forecast to 1.3-1.5 per cent this year, rather than the 1.7 per cent predicted by the Office for Budget Responsibility. The IMF just revised its UK growth forecast to 1.1 per cent, even lower. How come the OBR are less informed of the state of our domestic finances than Beijing-based analysts?
Recent Consumer Focus research shows many pay high fees on foreign exchange. We find people think being charged £10 for a €5 sandwich on a credit card feels wrong and they increasingly want alternatives. Innovative solutions like ours provide transparency and help cut out the middleman. Banks shouldn’t be embarrassed to disclose their margin on the true, verifiable mid-market FX rate.