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The pound fell after the election this week and our UK CPC is slightly higher since if anything, not reduced.
You are assuming advertisers are paying in one currency (gbp) for something valued in another currency (usd). But i don't think that is the case for a uk advertiser, paying gbp for an advert.
So my revenues on UK based income will have fallen 20% in that time. The advertiser will have seen no change at all, of course.