Premier League footballers are reportedly transferring their wages out of the UK to protect their savings from further depreciations in the pound, while some are buying assets overseas in the hope of preventing their earnings from being eroded by currency fluctuations and inflation.
“[Footballers are starting to] repatriate wages paid in sterling to different countries as well as purchase assets and goods overseas,” Argentex, a financial services firm advising a number of Premier League stars, told the Financial Times on Monday.
As of August 2018, the British pound is almost 15 percent weaker than it was prior to the referendum, and the currency is likely to further depreciate if Britain crashes out of the EU without a deal in place.
A weaker pound gives Britons and others receiving their salaries in the currency less purchasing power abroad, making imports more expensive and holidays less affordable.
However, Britain’s manufacturing industry is likely to benefit from a weakening pound, as UK-manufactured will become more price competitive abroad, though some economists and politicians have downplayed the benefits a weak pound offers.