Pound up on Lloyds resignation

28 July, 2011


UK shares and currency are on the rise this morning after the resignation over the weekend of Lloyds Banking Group chairman Sir Victor Blank.

The Pound has responded positively to what is seen as the removal of one of the men responsible for the current banking crisis, after Lloyds TSB took over the troubled HBOS Group last year. Both banks are expected to make massive losses this year and the Group is now 43% owned by the taxpayer.

Transferring money abroad is, as a result, slightly cheaper today then last week in the case of most currencies. If you would like to discuss taking advantage of a spike in exchange rates, contact your currency company straight away.