By Aysha Sarah
On 26 September, the British pound fell to its lowest level against the US dollar since the decimalisation of the British currency in 1971.
This fall has helped some students, whilst harming others. International students who are paid in US dollars or in currencies that have recently strengthened against the pound will enjoy ‘happy days’ as their money will go further. The currency affords discounts on tuition fees, accommodation and other essentials in comparison to home students.
The Beaver asked some of LSE’s US students how they had been affected; Jack Love, a third-year International Relations student commented: ‘‘I’m mostly disappointed that I sent myself money from the US a few weeks before the pound dropped significantly and could have retained more money in the transfer. However, now I’m being somewhat cautious about sending money again because I suspect the pound will fall more.’’
Love further commented: ‘‘I pay for my accommodation using dollars and the exchange rate changes are certainly factoring into my decision regarding when to pay rent.’’
An analysis by Bloomberg published on 26 September has shown that financial markets believe there is a 60% probability that the sterling will reach dollar parity by the end of 2022.
A third-year Accounting student commented: ‘‘While I am pleased that international students, particularly those from the US, have greater disposable incomes as a result of recent currency exchange shifts, I am concerned for home students. This winter, many student households across the UK, particularly those from more deprived socio-economic backgrounds, will have to exert far more effort just to survive than the current, undemocratically elected government will do to assist them.’’
