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Falling pound will hit Islanders' pockets

Lecturer warns about delayed effect in Isle of Man

The tumbling value of the pound will hit residents in the pocket for basic goods soon - according to a lecturer in economics at University College Isle of Man.

Sterling hasn't made headway since there was a steep fall upon the announcement of a UK Brexit.

Vance King says we're not feeling the affects of it here just yet, because there are contracts in place for commodities like fuel and food.

That means we'll feel the pinch in the next round of negotiations.

The sting has penetrated UK markets, though - Tesco rejected advances by Unilever to up the price of its products by 10 per cent yesterday (13 October).

Mr King tells us there's no exact science in determining when it's likely to afftect people here.

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