Pound Hurts Pensioners in Spain

  • 15 years ago
  • Uncategorized
22/09/2009 London-The recent fall in the value of the pound against the euro is hurting UK pensioners abroad, and in particular those living in Spain. Many pensioners are already living on small incomes, and the fall in the exchange rate over the past year has hurt even more. Government estimates have some 300,000 British pensioners living in Spain, with a good number living along the popular costas.
MP Chris Bryant, Minister for Consular Affairs, recently told reporters that “I’ve hear first hand what kind of problems older British people living in Spain are experiencing and some of them are heartbreaking.” Over the past 18 months, the weak pound has cut the value of British pensions by some 30 percent.
The British consular network in Spain is helping to increase the number of volunteer care workers helping British pensioners, said the minister. The government is partnering with the British charity Age UK and Age Concern Espana to increase the volunteer program.
Many of the British pensioners moved to Spain in the late 1970s and 1980s, drawn by beautiful weather and a low cost of living. But when Spain moved to the euro, prices went up and fixed income retirees were affected. The recent fall in the Spanish property market has meant that, even if they wanted to, most British residents in Spain can’t sell their homes and return to the UK.
Buy Sell or Find Property in Spain with Homesgofast.com overseas property portal

Compare listings