Despite the display of confidence in Prime Minister Theresa May as her Brexit deal received a majority vote in the House of Commons, the pound slipped from its twelve month high against the euro today.
This is the third instance where, on the eve of an announcement, Theresa May’s Brexit negotiations have caused a dramatic shift in the value of the pound.
According to WeSwap, and while experts are unable to predict which way the pound’s value will sway, many currency buyers and holidaymakers have been left “reeling”, with the last two weeks causing more instability in the value of the pound unlike the firm has seen in recent memory.
More than a quarter of holidaymakers choose to sort out their holiday money less than a month before travelling abroad, which WeSwap said leaves them “helpless” against the power that Theresa May’s Brexit negotiations can have on the exchange rate.
Commenting, WeSwap head of foreign exchange Greg Baggio said: “All travel experts will tell you that, when it comes to travel money, it pays to be prepared. This doesn’t just mean taking advantage of the best rates in advance of your trip. Events such as the political scrutiny of Theresa May’s Brexit Plan B can have a massive impact on the exchange rate, particularly when they concern the economy and public spending.
“Despite performing at a twelve month high last week, the pound has plummeted amidst this political uncertainty.”
Subscribe to our newsletter to receive breaking news by email.