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Dollars ($) and Pounds (£)

post #1 of 21
Thread Starter 
The economy in US is going through a lot of changes, that's what the news said recently, but let's put this issue aside for a moment... my biggest question all the times was how come that the value of £ in UK is almost twice the value of our USD $ ?

As far as I know if you look from a territorial point of view US is much more bigger than UK and yet the pound is always bigger than dollar.

Do you have any explanation for that thing?

---
Btw, I copied this symbol £ from other post here (something for UK members) since I don't have this symbol in my keyboard
post #2 of 21
I have £ and $ on my keyboard!!!

Don't forget that things are much more expensive over here, for example clothes. Although your Dairy products are more costly than ours. It's just the way our money works. For example, my partners monthly wage is £700, if he had the same wage in the USA, it would be just short of $1400. You cannot buy any more or any less with the money (Assuming things cost the same). Another example: is the rest of Europe to the UK. They work in Euro. £1.80 = 3EUR
post #3 of 21
Thread Starter 
Quote:
Originally Posted by sadieandziggy View Post
Don't forget that things are much more expensive over here
Yeah but why is it so?
post #4 of 21
I thinks its VAT. (Value Added Tax) 17.5% is added onto most things. I don't know if you guys have that over there? It's just yet another Tax we pay that goes onto the list i.e Council Tax, Car Tax, Income Tax..... We don't really notice VAT until we go into another country and find the same stuff cheaper. That's why we do 'booze cruises' to France, to get cheaper cigarettes and alcohol!!!
post #5 of 21
It has more to do with what goods and services are being exported than territorial size. http://www.wisegeek.com/what-is-currency-valuation.htm

We have such a large trade deficit which affects the value of the dollar. Bad news for people who want to travel to other countries and how much our imports cost us, but good news for people coming here and people who export.
post #6 of 21
It isn't twice the value, in fact I have found you get more for the US $ thank a UK £ (ETA in their respective countries, not while travelling) - just different numbers. Like Jana said, it all comes down to exports and trade.

A better question for today would be why is it that despite the Canadian dollar and US dollar being equal this week, why are things 25% more in Canada?
post #7 of 21
I just want you to know that reading these few posts about money and the global economy have caused my head to throb and my eyes to spin in opposite directions. Thanks a lot!

post #8 of 21
Quote:
Originally Posted by CarolPetunia View Post
I just want you to know that reading these few posts about money and the global economy have caused my head to throb and my eyes to spin in opposite directions. Thanks a lot!

Any time

You can also look at it this way. A Big Mac will cost $3.22 in the US and £1.99 in the UK. The item is the same value, but the amount of currency to buy it is where you get the exchange rate.
post #9 of 21
Thread Starter 
Quote:
Originally Posted by CarolPetunia View Post
I just want you to know that reading these few posts about money and the global economy have caused my head to throb and my eyes to spin in opposite directions. Thanks a lot!

post #10 of 21
Quote:
Originally Posted by icklemiss21 View Post
A better question for today would be why is it that despite the Canadian dollar and US dollar being equal this week, why are things 25% more in Canada?
Yep! Even more than 25% sometimes. Some things are 40% higher here such as books and cards and even electronics.
post #11 of 21
Thread Starter 
Quote:
Originally Posted by Natalie_ca View Post
Yep! Even more than 25% sometimes. Some things are 40% higher here such as books and cards and even electronics.
But there is no IRS in Canada, isn't it?
post #12 of 21
IRS is Revenue Canada (or Canada Customs & Revenue) here and the tax rate is much higher. We pay (in Ontario) 14% sales taxes on products we buy, recently down from 15%. Then our income taxes are also typically higher than the US, on top of which we also pay money to Revenue Canada for Canada Pension Plan and Employment Insurance.
Quote:
Federal Income Taxes:
* 15.5% on the first $37,178 of taxable income, +
* 22% on the next $37,179 of taxable income (on the portion of taxable income between $37,178 and $74,357), +
* 26% on the next $46,530 of taxable income (on the portion of taxable income between $74,357 and $120,887), +
* 29% of taxable income over $120,887.
PLUS
Quote:
Provincial Income Taxes
6.05% on the first $35,488 of taxable income, +
9.15% on the next $35,488, +
11.16% on the amount over $70,976
Plus CPP at 4.95% (up to a max of around $2000) and EI at 1.87%

and then sales tax on top, which is a percentage of the inflated amounts we pay
post #13 of 21
Quote:
Originally Posted by CarolPetunia View Post
I just want you to know that reading these few posts about money and the global economy have caused my head to throb and my eyes to spin in opposite directions. Thanks a lot!

I'm right there with you! I've given up trying to figure out the value of the the US dollar, or the value of another country's money. I was amazed when I went to Indonesia (Bali). We stayed in a 5 star hotel...a suite as in kitchen, sitting room and bedroom, and it was only $50.00 US dollars a night. A carton of Marlboro lights was $5.00 US dollars. We hired a taxi to take us to the other side of the island (4 hour trip) and it cost us $25.00. Why? I don't know. But I wasn't going to complain!
post #14 of 21
Quote:
Originally Posted by sadieandziggy View Post
I have £ and $ on my keyboard!!!
Ok pleas excuse this slightly stupid hijac! But can I ask where on your keyboard you have both? My $ is on the 4 key and the number 5 has a % and then a little c with two lines running through it to make it look like a funky E. Don't know what that is or how to make it type that, or if I can. Someone please educate me!


Oh and by the way, reading this has made my head hurt too.
post #15 of 21
Quote:
Originally Posted by CarolPetunia View Post
I just want you to know that reading these few posts about money and the global economy have caused my head to throb and my eyes to spin in opposite directions. Thanks a lot!

Me too! Numbers and me DON`T mix

Oh, and here the dollar is on the 4 and the pound is on the 3.
post #16 of 21
Thread Starter 
Quote:
Originally Posted by Jaffacake View Post
Me too! Numbers and me DON`T mix

Oh, and here the dollar is on the 4 and the pound is on the 3.
Where is it?
post #17 of 21
We have this # pound sign on the 3

Typing that pound sign takes a keyboard shortcut.
post #18 of 21
Quote:
Originally Posted by MoochNNoodles View Post
Ok pleas excuse this slightly stupid hijac! But can I ask where on your keyboard you have both? My $ is on the 4 key and the number 5 has a % and then a little c with two lines running through it to make it look like a funky E. Don't know what that is or how to make it type that, or if I can. Someone please educate me!
1. !
2. "
3. £
4. $
5.% etc.

The 'funky E' you refer to is the Euro sign, used in most of Europe (excluding Turkey, UK and probably some more)

Hope this helps, I don't have the Euro symbol
post #19 of 21
Sadie is in the UK - their keyboards are different than US ones.

It took me a while to get used to the different shifted symbols when I first moved here
post #20 of 21
Just realised that I do have the Euro symbol it's on the number 4 key with the $ it looks like this.... €
post #21 of 21
Thread Starter 
Quote:
Originally Posted by sadieandziggy View Post
Just realised that I do have the Euro symbol it's on the number 4 key with the $ it looks like this.... €


I love this symbol !!
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