Brexit will have significant implications for travellers. Without a firm deal or no deal scenario in place, it is not yet clear what this will be. Potential for a no deal Brexit has, to date, sent the pound to euro exchange rate plummeting. It has also sparked concern over the validity of thousands of passports. A finance expert has told Express.co.uk of the ways Britons can protect themselves ahead of the UK’s exit from the EU on March 29.
Ian Strafford-Taylor, CEO of currency expert, FairFX, reassured travellers there are measures to be enacted now.
When asked whether travellers could protect themselves, he replied: “Yes. The best way to protect yourself against the impact of Brexit is to plan ahead when it comes to holiday money, and lock in rates when the pound is performing well.
“With the current uncertainty surrounding exchange rates, it’s very easy for the rates to move against you and no-one knows definitively which way they’re heading.”
He added: “Whenever there is a parliamentary vote or update on the UK’s negotiations with the EU, we see a spike in support requests as customers try to understand what the latest developments mean for the value of the pound.
“There’s been a significant increase in the number of queries from new and existing customers about the impact of Brexit and what it means for their business and personal international payments as well as their travel money.”
Ian added: “Brexit is an unprecedented event so it’s no wonder there is heightened anxiety around the consequences it may or not have.”
Meanwhile today, Mrs May and the cabinet will discuss an extension to the Article 50 negotiating period.
It comes after the Conservative party leader told how a Meaningful Vote on her EU Brexit divorce deal would not happen at tomorrow’s House of Commons vote.
Instead, it has been pencilled in to take place by March 12.
GBP is currently trading at €1.157 against the euro, according to Bloomberg at the time of writing.
Experts have attributed the potential extension to Article 50 as a reason for sterling’s improvements.
Michael Brown, Senior Analyst at Caxton FX said: “Sterling has rallied overnight and now trades at its highest levels in a month against both the dollar and the euro.
“The pound’s gains are a result of markets beginning to price in an extension to the Article 50 negotiating period, with reports this morning that the Prime Minister is set to discuss the matter with Cabinet before laying a motion in the Commons.
“Though a delay is simply pushing back the exit date, and doesn’t solve anything itself, markets are taking solace in the fact that such a move would delay a ‘cliff-edge’ no-deal scenario.
Confirmation of such a delay would likely strengthen the pound further in the near-term, though political headwinds remain including the opposition Labour Party calling for a second Brexit referendum.”