Holidaymakers rush to buy foreign currency as pound falters

AS the Leave camp pulls ahead in the EU Referendum polls, the pound is experiencing intense fluctuations, and holidaymakers are rushing to buy their summer holiday money. 

HiFX reports that the number of holidaymakers buying euros this week is up by 35 percent on the same time last week.

Chris Towner, chief economist at HiFX, said: ‘We know that in the event of a Brexit, we’re likely to see a significant weakening of the pound, with many warning that a Leave vote could trigger a 15 to 20 per cent fall in its value.

‘We also know that if the UK votes to stay, the pound might recover some – or all – of the losses it has made in recent months. However, as the outlook is gearing stronger towards a victory for the Leave camp, those preparing to buy their holiday money for the summer need to weigh up the potential risks. Concerned travellers should hedge their bets by either buying some or all of their holiday money now, or by pre-loading a pre-paid currency card.’

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