According to the company, the Dec. 1 increase comes as a result of the recent “accelerated devaluation of the British pound versus both the euro and U.S. dollar.” The British pound has fallen -17% and -27% against the euro and US dollar respectively since Autumn 2007.
Recently this devaluation has accelerated and since Oct. 1 sterling has lost 6% of its value compared with the euro and -17% against the U.S. dollar. The company representatives Tyres & Accessories spoke to wouldn’t comment on the possibility of further increases, but simply said they are closely monitoring market conditions. (Tyres & Accessories/Staffordshire, U.K.)
