Ailing British Pound Makes London Haven For Wealthy Bargain Hunters
LONDON -- After a go-go decade, Great Britain is suffering from a sudden, severe financial hangover. Now, however, the party has kicked into high gear for another group: foreign visitors and investors who are descending on London to take advantage of the plunge in the local currency and snap up high-end property, luxury cars and designer clothing at a discount.
Amid the influx of bargain-hunters, however, there's a sobering exodus of people leaving the United Kingdom in these tough economic times. They include not only American investment bankers, but also tens of thousands of Poles and other eastern Europeans who flocked here to seek work during the boom years.
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McClatchy Washington Bureau | Julie Sell | February 2, 2009 05:38 PM