Just when we thought the panic of Brexit was behind us, the British Pound has dropped to a 31-year low against the American Dollar today, after it was revealed that Britain would trigger Article 50 “no later than the end of March”.
Speaking at the Conservative Party’s annual conference this weekend, Prime Minister Theresa May ended weeks of speculation about when the UK would start making plans to leave the EU, and with formal Brexit talks put in place for early next spring, it looks like the UK will have ‘Brexited’ by summer 2019.
While statements like these always send the currency markets into turmoil, this recent slump is bad news for British Travellers who are planning on winter holiday this year, with the Pound Sterling currently trading at just 1.27 to the Dollar and 1.14 to the Euro (a 3 year low).
Those who are travelling further afield to destination such as Australia, New Zealand and South Africa will also feel the pinch, although they are still deemed to be good value holiday destinations, especially when compared to the US, the Caribbean and European City resorts.
But the news is not all bad, and despite British currency woes, a recent survey by travel insurers Holidaysafe.co.uk has revealed that 90% of Brits are continuing with their travel plans, despite the uncertainty of Brexit, and it seems migration and terrorism are not putting us off either!
Of those questioned, only 10 per cent of respondents said that fluctuations in the Dollar / GBP exchange rates had caused them to change their travel plans, the rest of us are doing what we do best, and that’s Keeping Calm and Carrying On!
Will the British Pound stabilise before Brexit? Well, I guess only time will tell. But until then, let’s do what we do best, and travel the world before we need all sorts of visas and paperwork to get into any country!