In a different world

I spent last weekend in the UK. Even though the GBP is at an all time high (220 vs. ISK when I was there), the UK is still much more competitive when it comes to retail and therefore it still makes sense looking for Christmas presents there.

We were wandering around in a clothing-store on December 1st when we noticed that all shelfs and hangers had handwritten notes with new prices. Immediately we started panicking that prices were being raised and beating ourselves for not having bought what we needed the day before when we were in the same store browsing.

Then we realized that prices weren’t rising, they were falling. We had forgotten about Alistair Darling’s new VAT cut, from 17,5% to 15%, effective from December 1st.

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And then we felt incredible sadness at the fact that we are from a country where we have been so burnt by lack of competition and trade barriers that we never believe that prices can ever come down.

It surely is a different world.

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I had some elderly women looking funny at me when I snapped this photo.

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