The loss of value of the pound sterling-are not concerned about the financial markets. More and more people are now refusing the fees in the currency of the English. At the opening of the Edinburgh international Festival this weekend, its director Fergus Linehan has explained that most of the artists refused to be paid in pound sterling. For three weeks, this is a major cultural event in Europe offers 293 shows, at almost every street corner, given by 2600 artists from 40 different countries. It is often compared to the Avignon Festival.
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According to The Guardian , Fergus Linehan has taken the lead as early as last November with a mounting financial: the festival has insurance on a million pounds which covers the possible fluctuations of the exchange rate, in order to ensure the payment of the artists. “When a currency is very low, but strong, people are not worried but if they think its value will fluctuate so they are demanding more security”, he explained. Her concerns were unfortunately confirmed: the pound has lost a third of its value in four years and has reached its lowest against the euro since 28 months, with the entry into service of the new prime minister, Boris Johnson, and his promise of “Brexit”.
Quite a story from the FT. Performers at the Edinburgh International Festival are refusing to be paid in sterling because they’re so worried about it mainting sti value. “No-one wants to do deals in sterling anymore” its Director says.
Once the global reserve currency and now… pic.twitter.com/8hFQClj7oy
— Lewis Goodall (@lewis_goodall) August 3, 2019
Despite these precautions, the financial issues are weighing on the festival, its organizers, and beyond. At the time of the decrease of public resources, “each spend an additional size a little more in our program,” said the organiser concerned also of the impact on the daily lives of the British.
The other big event of summer Edinburgh, the Fringe, has for its part announced that it had lost a contract of $ 25 million signed with the american circus Spiegelworld. The company, one of the most important of Las Vegas, had to submit each year a show again for five years, but its producers explain now that they wish to relocate to Berlin or Paris, far away from the uncertainties caused by the Brexit.
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