Shoppers from Donegal reaping the benefits of weak Sterling and flocking to Derry for a bargain
POLITICIANS in the North are still fighting over the Brexit referedum fall out.
But businesses in Derry are rubbing their hands as shoppers from Donegal are flocking across the border to cash in on the poor sterling exchange rate.
One Euro is now equivalent to 89 pence Sterling.
And there is no sign in sight of Sterling rallying on the currency markets while the UK tries to come to terms with Brexit and what it means for the economy, jobs and businesses.
“At the moment places like Newry and Derry are winning,” said the chief executive of the CBI in the North, Angela McGowan.
“But in the longer term what is going to happen with trade and the border?
“We do not know how Brexit is going to end up.”
The North’s tourism sector is also getting a so-called Brexit bounce from Eurozone visitors – which helped boost hotel occupancy to record levels in August.
The exchange rate is encouraging shoppers in the Republic to head across the border into Derry and other surrounding towns to pick up a bargain or two in the run up to Christmas.
For example, a 128GB tablet device is about 90 euros (or £80) cheaper in the North.
Online price checks also reveal significant savings on some items.
The same well-known brand of whiskey is 27 euros on shelves in the Republic but in the North it is £15 – the equivalent of 16 euros.
