As published in the Jerusalem Post (29.3.19)
Those who have made Aliya from the UK have experienced first-hand the effect of the sterling’s decline over the past decade. From a peak of 8.7 shekel to the pound in the summer of 2007, the rate fell by almost half to its low point in the winter of 2016 and has recovered only slightly to trade at 4.8 this February.
Whilst the Brexit vote has undoubtedly been a factor in this development, the fall in the pound predates the 2016 referendum and is more a factor of the global financial crisis and the remarkable strength of the Israeli economy since then. Whilst this latter point is a source of pride for all Zionists, it creates significant challenges for those who moved to Israel or those thinking of Aliya. A disruptive Brexit or a hard-left new government could cause a collapse in the pound, which would have a significant impact on pension values.