Greek property news

There are new building regulations that the Greek government are expected to be introducing into law soon.

These new regulations are important for all owners of Greek property who own land and are planning to build now or in the future. They refer to all building plots of land inside or outside the town plan.

The Greek goverment is changing the minimum size of land required to build. Anybody who owns land smaller than the new required amount will be unable to build unless they have planning permission already submitted. This means that if you have bought a piece of land legally under Greek Law that was the required minimum size of 4,000 square metres outside the town plan and are waiting to raise enough funds to build your house on it, or are keeping it for your retirement, unless you have building permission already submitted you will not be allowed to build on it.

We are still waiting conformation of the exact new minimum size required by law to build outside the settlement boundaries to be finalised on Skopelos but it is rumoured to be a minimun of 8,000 or 10,000 square metres. (Remember the need for Forest Department clearance – you will need to have 8,000 or 10,000 sq clear of forest. Many large plots e.g. 12,000 sq might be un-buildable because 3,500 could be classified as forest.)

We advise you to contact your lawyer for conformation of the new minimum size of land required to build as it may of been already introduced into law in your area.

We have been informed that this new law may be contested and when we know the outcome we will update this post as to what the new minimum size is.

Below are the new regulations for building within the settlement boundaries. This has basicaly changed from 30% of land undeveloped to 40% of land undeveloped.

New regulations for building within the settlement boundaries – Skopelos

Land up to 200 sq metres -  you can build a house up to 200 sq metres provided you leave 40% of the land not built on.
Land between 200 and 400 sq metres – you can build a house up to 240 sq metres provided you leave 40% of the land not built on.
Land over 700 sq metres – you can build a house up to 400 sq metres.

More to follow…

With kind regards
Angels Greek Island Homes

Below is a question and answer email between Dave of Cheltenham and a Civil Engineer about the new building regulations and planning permission in Greece.

Dave of Cheltenham says...
We have already started the design of our villa. We have instructed a Civil Engineer to commence the design and are due to receive a draft copy of the design this week. We have been advised that the permission prices have increased due to the compulsory kenak.

We are told that this is a new energy saving plan which includes electrical, plumbing, air-conditioning, water design plans from the mechanical engineer. The permission cost now for  a 150 m2 plus 50 m2 basement is 22.000 euro (15.500 + 6.500 taxes), without a swimming pool.

I have inserted questions we sent to our Civil Engineer, his response is in Bold

Please can you clarify a couple of points – sorry if I am repeating myself but we are feeling the pressure a bit and obviously are extremely concerned that nothing will go wrong and leave us owners of a bit of land which is way too small to build on etc…

Once you have submitted the plans (possibly within the next few days, as you suggested) does this mean that we are protecting and securing our position regardless of any pending law changes?  Yes, from what we are told from the planning department, if your plans have been submitted you are then covered regardless of any new change that may occur.

I.e. does this then mean we have permission to build a villa on our land regardless of whatever laws are passed after we have submitted the plans?

Yes

You state that the remainder of the money is payable when the plans are passed (you mention possibly in a few months). Is there any possibility that when we want to proceed to get the plans passed they may be rejected or planning consent denied? Or do you mean that at the time the plans are submitted, we are granted interim approval and the final approval is assured?

The application is to get a protocol number saying that you have registered plans to build. This is enough to cover you for any new law change. Your plans will not be rejected or planning consent withdrawn up to this stage. In order to get a protocol number you have to submit full plans to the department. Once they are lodged with this department you can make changes to the plans and re-submit the changes without having to start the whole process over again. They will not give full permission though until the final payment is made(6500 euro). You need the full permission in order to be able to build.

My partner and I both feel that once the plans are submitted, we would obviously be happier if we get final approval as soon as is practicable.  We were due to come and do all this with you in June.  Will June be too late to come and finalise the plans and proceed to final approval – or do you think we should come over sooner (preferably once the direct flights to Crete have started again)

At the moment , we are told you are ok in June. If/when the law change comes in they usually give a 6 month time limit for everybody to complete plans already lodged with them. This means we can submit basic plans and designs (the size of house is the most important at this point as you won’t be able to change it. Once submitted you can work in more detail your internal floor plans etc which means you don’t have to panic about the internal layouts now. We can submit the plans for a 150+/- m2 house now and then over the next few months you can work it through a little better. Plans for a swimming pool can be submitted later at additional cost.

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Wisdom from a viral joke email sent to me. I did not write it and do not claim any originality.

It is a slow day in a little Greek Village. The rain is beating down and the streets are deserted. Times are tough, everybody is in debt, and everybody lives on credit.

On this particular day a rich German tourist is driving through the village, stops at the local hotel and lays a 100 Euro note on the desk, telling the hotel owner he wants to inspect the rooms upstairs in order to pick one to spend the night. The owner gives him some keys and, as soon as the visitor has walked upstairs, the hotelier grabs the 100 Euro note and runs next door to pay his debt to the butcher.

The butcher takes the 100 Euro note and runs down the street to repay his debt to the pig farmer. The pig farmer takes the 100 Euro note and heads off to pay his bill at the supplier of feed and fuel.

The guy at the Farmers’ Co-op takes the 100 Euro note and runs to pay his drinks bill at the taverna. The publican slips the money along to the local prostitute drinking at the bar, who has also been facing hard times and has had to offer him “services” on credit.

The hooker then rushes to the hotel and pays off her room bill to the hotel owner with the 100 Euro note. The hotel proprietor then places the 100 Euro note back on the counter so the rich traveller will not suspect anything.

At that moment, the traveller comes down the stairs, picks up the 100 Euro note, states that the rooms are not satisfactory, pockets the money, and leaves town.

No one produced anything. No one earned anything. However, the whole village is now out of debt and looking to the future with a lot more optimism.

This is how the “Greek Bailout Package works”!

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Please see a reply from the European Union to  Mr Charles Legrand regarding Greek tax legislation

Dear Mr Legrand,

Thank you for your message, which was forwarded to EUROPE DIRECT by the Audiovisual Services of the Commission. EUROPE DIRECT is an information service of the European Union (EU) which provides citizens and businesses with answers to questions of a general nature about the EU. You can find further information about EUROPE DIRECT at:

europa.eu/europedirect/

The legal text you refer to in your email (C-155/09) is a judgment by the Court of Justice of the European Union, in which the Court rules on a case brought against the Hellenic Republic for failure to fulfil its obligations under EU law. The Court ruled that the Greek tax legislation (“Law 1078/1980”) that grants exemption from the tax payable on the purchase of a first residential property only to persons residing in Greece is contrary to EU principles. This judgment is EU law and the Member State must comply with it without delay.

Greek tax legislation which grants exemption from the tax payable on the purchase of a first residential property only to persons residing in Greece is contrary to European Union principles:

Court of Justice of the European Union PRESS RELEASE No 1/11 Luxembourg, 20 January 2011
curia.europa.eu/jcms/upload/docs/application/pdf/2011-01/cp110001en.pdf

You may also want to search for the complete text of the judgment on the website of the Court of Justice:
www.curia.europa.eu/jcms/jcms/j_6/
(Please insert “C-155/09” in the field “Case no”.)

For further questions you may contact the Court of Justice of the European Union directly by using the following webform:
www.curia.europa.eu/jcms/jcms/T5_5133/

We hope that this information will be of use to you and remain at your disposal should you have further questions about the EU.

With kind regards,

EUROPE DIRECT Contact Centre
www.europa.eu – your shortcut to the EU!
Disclaimer
Please note: We will try to ensure that you receive the information requested, or to direct you to an appropriate source. However, we are unable to comment on specific issues pertaining to EU policy, and information provided by EUROPE DIRECT may not be considered as legally binding.

================

Charles Legrand adds:

Not sure I will pursue my case – as the ”understanding / feedback / knowledge” within the Ministry of Finance and the Tax Authority – is at best confused – at worst very-confused.  Readers might be able to get something back with the help of a legal beagle here in Greece.

We have received a Tax assessment form with an amount to pay today.
We have been asked to pay taxes on our property (only one residence).
The Tax demand has come from the Foreigner’s Tax office in Athens
The Taxes are various – covering ”supposed income that you have to run the residence”
Included is a Tax for Community charges and other such taxes for having the residence here.

The Ministry of Finance said when I asked them to clarify – ”This law including non resident Expats is something of a mistake & has caused confusion – we have advised the Foreign Tax folks, but can’t direct them to adhere”.

My personal take on all of this:  I guess a Law has been passed recently that includes Expats living in Greece. The most likely reason for our inclusion in my opinion is that Government of Hellas is looking to ”extract” monies from any source possible due to the austerity measures.

In Summary: ”Taxes & Death are certainties”.

We will be paying this tax and discussing with our Accountant what we do in the future. (Tax due end of Dec 2011)

Personally I think as follows: I do believe this might be something that stays with us going forward.

Charles

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We have been informed that the proprerty tax rate for Skopelos is 3 euro per square metre. Anyone who pays electric and has a Greek tax number will have to pay. However, the electric company have complained that they will effectively be unpaid tax collectors and are talking about boycotting it as there will be a lot of administration work for them to do. Incidentally, Volos is rated at 6 euro and Thessaloniki at 9 euro per square metre.

The new property tax in Greece will range from €0.50 cents to €20.00 and taxes each square metre of homes according to the age of the building (the older the building, the less tax pecentage), tax value and average house prices of the neighbourhood. This new tax will be in effect for a period of three years and will be collected in instalments through electricity bills. Those who will not pay or cannot pay will have their electricity cut off. It wil start from October 2011.

All property owners in Greece are required to pay this new tax whether you live in Greece or not.

Further updates to follow…

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The new Property Tax Law in Greece has now been passed by the Greek Parliment.

The property tax will range from €0.50 cents to €20.00 and taxes each square metre of homes according to the age of the building (the older the building, the less tax pecentage), tax value and average house prices of the neighbourhood. This new tax will be in effect for a period of three years and will be collected in instalments through electricity bills. Those who will not pay or cannot pay will have their electricity cut off. It wil start from October 2011.

All property owners in Greece are required to pay this new tax whether you live in Greece or not.

Further information will follow on the amounts property owners in Skopelos will have to pay…

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This article is brought to you by: Holidaylettings and Angels Greek Island Homes

More than 80 per cent of Britons searching for a holiday home abroad are showing interest in the European countries that have been affected most by the global economic crisis as they hope to bag a bargain.

According to currencies.co.uk, Brits looking to buy abroad in the next 12 months have been considering well tried holiday destinations Portugal, Greece, Ireland, Spain and Italy with a recent surge in interest that it is thought will keep growing in the coming months. However, it is recognised that with present market conditions and despite the rising number of enquiries, it is unlikely that many of them will turn into purchases. For the most part, potential British buyers squeezed by the current austerity measures, remain unsure about the current economic climate and risk of buying abroad.

This will not have been helped by the increase in interest rates implemented by the European Central Bank in April, the first since 2008 to 1.25%, which has strengthened the euro against the pound. As a result, any major purchase in Europe has become much more expensive for British buyers, so most investors are tending to hold off for the time being.

It has been reported that the Greek economy is growing faster than the U.K. with a 0.8% GDP growth in the first quarter of 2011 (The UK. was 0.5%). Saying this, Greece still needs financial help from the Eurozone, so property prices may not be rising just yet.

The property market in Greece is currently quite depressed; prices achieved in Skopelos can be up to 30% lower than the equivalent three years ago. This means that canny buyers from around the world looking for long term investments and holiday homes are now taking advantage of the dip in the market. There are signs that things are moving as new buyers are coming in from the near and Far East, Africa and Russia.

As a holiday destination Greece remains popular, with more British people planning to go this year for a reliable break that delivers on expectations for a much needed ‘time-out’ of busy lives, days of sunshine and relaxation within the beautiful setting of the Mediterranean.

It is still possible to get a bargain holiday on the Internet. This year there are some good flight and holiday deals to be had as holiday companies realise they need to fill seats and holidaymakers just do not have the same levels of disposable income as before the credit crunch kicked in. This is good news for us holiday makers who don’t want to give up on our much needed week or two away but have to stick to a reduced budget, for this year, at least!

To take advantage of the current dip in the market and buy a home in Greece please see:

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Information kindly provided by Maria Rizopulu, solicitor, Skopelos via Glossa Houses

This is to inform you about the new regulations which affect you as owners of property in Greece.

As you may already know, the government has abolished the law by which a yearly property tax was owed by all owners of property in Greece.

Instead of that they have recently introduced a new regulation by which all owners of property in Greece (foreigners included) are obliged to file YEARLY income tax returns whether they have income in Greece or not. In these returns they declare the ownership of any property (building), pool and car.

There is a system (which uses various factors) by which the Tax Office calculates the ASSUMED income one should have to maintain the property, the pool and the car. For the house and the pool it depends on the square meters, for the car on the capacity of the engine and the age of the car.

Foreign owned houses in Greece are described as “secondary house” and so the assumed income is half of what is calculated for a “first house”.

Proof must be attached to your tax return that you have imported into Greece the relevant amount during last year by transfer from a non-Greek bank to your Greek bank. (Please note that the name on the sending account must match the name on the beneficiary account).

Proof is in the form of the certificates from the Greek bank (called in the past – pink slips). If you don’t have that proof than you will be taxed by 10% as if that amount (assumed income) was really income.

You should ensure that whoever is to make your tax return has plenty of notice. Tax returns can now be filed electronically and individual code numbers have to be issued.

Tax returns for foreigners are filed during May and any “pink slips” should reach your tax representative by mid April at the latest.

Thank you

February 2011

Skopelos Greece

Please see the new Greek  property tax laws explaned below:

Houses

the first 80 square meters ———€30 per sq.m.
next 81-120 sq.m ——————–€50 per sq.m.
next 121-200 sq.m——————-€80 per sq.m
next 201-300 sq.m——————-€150 per sq.m.
300 sq.m ——————————€300 per sq m.

Garages/storage rooms and other “assisting” rooms (as in the building permit)           €30 per sq. m.

All above stated amounts have a 20% levy if they are independent private houses (not apartments) as it is the usual thing for foreigners.

If the house is a secondary house for you (not main residence) the above amounts are reduced to ½. This applies only if you declare residency abroad and not in Alonissos or Skopelos.

Cars

Cars up to 1,200 cc ————— €3,000
1,200-2,000 cc ——————— €300 per 100 cc
2,000 c———————————€500 per 100 cc

The amount is reduced depending on how old the car is:

30% for over 5 years to 10 years old
50% for over 10 years old

Pools

External: up to 60 sq.m. ————-€60 per sq.m.
over 60 sq.m. ————————–€200 per sq.m.

Internal pool: —————————The amount is doubled

Please see an example below:

A house of 110 sq. m. with an external pool of 30 sq.m.

House
The first 80 sq. m. at €30 per sq.m. —————— €2,400
The next 30 sq. m. at €50 per sq.m. —————– €1,500

Subtotal: —————————————————– €3,900
Plus 20% levy: ——————————————— €780
Subtotal: —————————————————–€4,680
Less 50% “second house” allowance, leaves — €2,340

Pool
30 sq. m. at €60 per sq.m. —————————– €1,800

Grand total: ———————————————— €4,140

(This is the amount you must demonstrate you have imported during 2010)

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This article is brought to you by Staysure

What is it about Greece and the Greek Islands that makes all who visit want to return again and again?

Could it be the people, beautiful coastline and crystal clear waters or maybe it’s down to the legend of Aphrodite casting her spell over the region?

Ancient Greece was the most advanced society of its time, so it’s ironic that the Greece of today is one of the few European countries intent on resisting change. That’s not to say that modern life has passed it by and the usual trappings of major tourist spots aren’t abundant, but what stands out is their determination to retain a sense of identity. It’s this national character, idyllic weather and some of the world’s impressive historic monuments that attract millions of tourists to the mainland and islands each year.

How to purchase property in Greece (northern Cyprus should be considered carefully to avoid getting involved with rows over disputed lands currently under Turkish control). There are restrictions for the purchase of property close to the Greek borders as an additional special permission is required. Such permission will be issued by the local Department Authorities. Permission to purchase of property close to the Greek borders is not granted to non EU citizens. Non EU citizens owning property does not confer EU citizenship, nor does it allow you to enter the EU without a normal visa.

Understandably for some the love affair with Greece means more than just a holiday destination, choosing to put down roots by purchasing property as an investment, holiday home and even a view to retirement. Before making the leap it’s advisable to rent a home within a chosen area and get to know what the village, town or even island is like to live in both in and out of season. Having made the decision to buy, the next step is to negotiate your way through bundles of red tape. Here are a few pointers on what to expect.

Greek tax number
Any foreigner intending to purchase property or do business in Greece is required to apply to for a Greek tax number.You must have a Greek Tax number to open a bank account. It’s not necessary to live in Greece or have a residency permit.

Bank account
All transactions are in Euros. You will need to set up a Greek bank account to pay for your legal advice, estate agent fees transfer money and pay bills. Payment of utility bills can be set up very easily by direct debit via the bank, and money can be transferred online. You will need to provide slips and receipts if you have transferred money into a different currency or bank account statements to show that the money is from a legitimate source.

Holiday Home insurance
If you intend to use your home only for holidays, insurance can be arranged through your Greek Bank for fire and storm damage. However insurance for theft may only available if you live in your property throughout the year. There are companies in the UK that can offer full insurance (3rd party for example), One of them is Staysure

Earthquakes
As Greece is prone to earthquakes, it’s vital to give any property the once over by a structural engineer, as no one wants to go to bed upstairs and wake up downstairs under a pile of rubble! Remember that some companies will not insure for earthquakes.

Utility connections
Some islands may have different requirments and regulations. – On Skopelos check that your chosen property is located inside or outside the town plan.  If your house is inside the town plan then utility connections should easily be available. If your house is outside the town plan then check what utilities, if any, are available. Remember it can very expensive  to bring these utilities in as you may have to buy the electricity poles that will go all the way to your house or, buy and install a water tank for example.  There are also other restrictions -  Please see the Buying a Home section from Angels Greek Island Homes for requirments and regulations.

Make it legal
All expenses for the conclusion of the final contract, including the tax on property transfer will be borne by the buyer. Each party will pay the fees of their legal representative who must be present at the signing of the contract, this is required by Greek Law.
To become the legal owner the sale or purchase must be authorised by a Public Notary. The contract won’t be legal until notarised. Make sure your lawyer ascertains the correct ownership of the property.
According to Greek law, the purchase contract, known also as a “Purchase Deed”, is signed by the buyer and the seller in the presence of :

A Public Notary
A lawyer appointed by the buyer
A lawyer appointed by the seller

Public Notary
Approximately 2.5% of the objective price or Tax Office estimation of the value or on the price declared in the purchase contract if this is higher.

Lawyer
Your Lawyer or Solicitor will normally charge between 1% and 2% of the sale value of the property. If he/she acts as a Power of Attorney on your behalf he/she may charge more.

Real Estate Agent
The Real Estate Agent’s fees are usually paid by the buyer.

For a Legal guide to buying property in Greece please see the Legal guide from Angels Greek Island Homes
Please remember that laws could be subject to change. Always consult a lawyer.

Insurance
Whilst we’re talking about the paperwork, it’s important to remember that once you have bought the property, you will need adequate building and contents insurance, particularly if unoccupied.

Why struggle in a foreign language or rely on costly translations, when you can save money and understand exactly what is and isn’t covered. Staysure holiday home insurance not only provides comprehensive building and contents cover, all policy documents are written in English, there is a 24-hour emergency helpline and English claims department.

Staysure.co.uk Ltd the over 50s experts specialise in providing low cost insurance solutions for over 50s living in the UK and expats living in Europe. Visit Staysure to get an instant online quote for Staysure.co.uk Ltd low cost Greek holiday home insurance.

Contact Us

Staysure.co.uk Ltd

Tel: 0844 277 0844 (UK)

Tel: 952 899 532 (expats)

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This article is brought to you by holidaylettings

The Greek Islands have such an enduring appeal as a holiday home destination that Pamela Tomlinson, the South Oxfordshire councillor, is based on one.

Conservative Pamela Tomlinson last attended a South Oxfordshire District Council meeting five months ago, but has continued to claim her basic £2,900-a-year allowance – paid to all councillors.

She told the Oxford Mail she was still able to work on ward issues from her holiday home in Greece and that her offer to resign her seat had been rejected because the council’s leader did not want to call a by-election.

But Clifton Hampden Parish Council has complained to district council chief executive David Buckle – claiming residents rarely saw Mrs Tomlinson.

Parish council chairman Chris Dupond said Mrs Tomlinson, who represents Sandford ward, rarely attended their meetings to represent the district council. Berinsfield district councillor John Cotton has been appearing in her place.

“The parish council has been pretty horrified, and we think it’s quite wrong. We have been dissatisfied for a long time. Our meetings were rarely attended, or she used to turn up and read the district council newsletter to us,” said Mr Dupond. “The whole thing has been totally unacceptable,” he added.

Mrs Tomlinson said she had sold her house in Clifton Hampden in May but had another property in Oxfordshire. She insisted she was still performing her council duties and spent “less than half” her time abroad.

She said: “It’s a holiday home. Nobody would want to live on a small Greek island full-time. I’m still a member of South Oxfordshire District Council. I’m attending a group meeting tomorrow and had meetings in Wallingford and Reading today.

“Yes, I have got a place in Greece, and I have spent some time there over the summer, but it’s quite easy to deal with things by email and I have had another district councillor covering parish council meetings when I have not been there.”

Rent out your holiday home in Greece with Holidaylettings - CLICK HERE

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This report is brought to you by Ian Daly at Exel Currencies

If you strip away the political correctness, Chapter Three of the IMF’s World Economic Outlook more or less condemns Southern Europe to death by slow suffocation and leaves little doubt that fiscal tightening will trap North Europe, Britain and America in slump for a long time. The IMF report “Will It Hurt? It argues that austerity will do more damage than so far admitted. Normally, tightening of 1pc of GDP in one country leads to a 0.5pc loss of growth after two years. It is another story when half the globe is in trouble and tightening in lockstep.

The lesson of the 1930s is that politics can turn ugly as slumps drag into a third year, and voters lose faith in the promised recovery. Unemployment is already 20pc in Spain. If Mrs Salgado is wrong, Spanish society will face a stress test. We are seeing a pattern, first in Ireland, now in Greece and Portugal where cuts are failing to close the deficit as fast as hoped. Austerity itself is eroding tax revenues. Countries are chasing their own tail.

The rest of EMU is not going to help. France and Italy are cutting 1.6pc GDP next year. The German squeeze starts in earnest in 2011. Given the risks, you would expect the ECB to stand by with monetary stimulus. But no, while the central banks of the US, the UK, and Japan are worried enough to mull a fresh blast of money, Frankfurt is talking up its exit strategy. It risks repeating the error of July 2008 when it raised rates in the teeth of the crisis.

The ECB is winding down its lending facilities for the Euro zone banks, regardless of the danger for Spanish, Portuguese, Irish, and Greek banks that have borrowed €362bn, or the danger for their governments. These banks have used the money to buy state bonds, playing the internal “carry trade” for extra yield. In other words, the ECB is chipping at the prop that holds up Southern Europe.

What does this mean to you?

Its still early days to tell how this can pan out as most analysts are stating that as soon as the cuts come in it could spark more social unrest and any losses that were seeing now in the GBP – EUR should be eradicated when the cuts come in throughout Europe in the new year. However the talk of QE is starting to spread like wild fire from the US to the UK and our worst fears might just come through.

Anyone looking to buy Euros recently would have held there breath at around 12 mid-day on Thursday as the BoE announced whether or not they would continue the Quantitative Easing programme. However to everyone’s relief the BoE kept everything on hold for at least another month and after the release of this the markets took a positive look at the UK and Sterling began to gain against a basket of major currencies. Until the UK sees consistent growth it will be a nervous start for the next few months.

Outlook

Sterling has being pinned down by the Euro this week and any negative news released from the Euro zone has had little effect even after the down grade of Irish Bank AIB. It was strange to see the pound so week against the Euro this week because of some unexpected encouraging figures from the UK’s construction and services industry along with industrial and manufacturing figures.

The only conclusion most analysts have come to is that the talk of QE from the UK has put everyone on high alert and what looks like a perfect week for the UK on paper has not materialised. While the current rate of around €1.14 is far from the best we have seen this year, after seeing what QE has done to the pound last year, €1.14 actually looks like a good price at the moment. Anyone looking to buy Euros within the next 3 months might want to consider a forward contact to secure the rate or what most of my clients are doing is half cost averaging. (Half now and half later).

This weeks case study

This week we had Stephanie and Edward Stevenson as they had to start making payments for there property if they want to move in before their Christmas deadline. What I suggested they do this week was half now and half again next month before the next interest rate decision as the talk of QE was holding the pound back against the Euro.

During the week I explained to Stephanie and Edward that the BoE have their interest rate decision on Thursday and with the talk of QE we might see a surprise purchase of another 25billion and that this would see the pound drop drastically. After being asked my personal opinion on it I felt that it was too soon to be continuing QE and at the moment we have only heard of one BoE MPC member talk about adding to the QE programme and that when the minutes are released in a couple of weeks this will give me a good idea of which way the 9 members are leaning. I would then be able to guide you far better to the correct time to trade. So we decided to book early on in the week and secured at €1.1550.

Please click HERE to request a call back from Excel Currencies.

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