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British tourists ‘stocking up on euros’ as Brexit looms, figures suggest | UK News

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Britons are stocking up on euros ahead of Brexit, new figures suggest.

Post Office Travel Money says there has been “strong demand” among holidaymakers for the currency, with sales in 2019 up 3% so far compared with the same period last year.

Its figures also reveal there was a 5% surge in sales during November and December 2018 when compared with the final two months of 2017.

The data indicates that some tourists are considering changing sterling now to protect themselves against potential currency swings in the future.

However, sterling remains resilient against the euro – rising 2% compared with its position a year ago.

Sterling has strengthened particularly against the Turkish lira
Image:
Sterling has strengthened particularly against the Turkish lira

Sterling has strengthened against 18 of the Post Office’s 40 bestselling currencies over the past 12 months – meaning British tourists are seeing their money go further.

This is especially true when it comes to Turkish lira, with tourists getting the equivalent of £98 extra when converting £500 than they would have done a year ago.

And today, British visitors to Iceland who change £500 to Icelandic krona will get the equivalent of £50 more than they would have done at this point in 2018.

Sterling has also strengthened against the South African rand, Swedish krona and the Russian rouble.

Andrew Brown, Post Office Travel Money expert, said: “There is little doubt that the strength of sterling will exert some influence on holiday choice in the coming months and that is why it is important for people to do their homework before booking.

“Our research has shown that over two-thirds of holidaymakers bust their budget by nearly £100 on their last trip abroad.

“Choosing a destination where sterling is performing best and where the cost of meals, drinks and other tourist staples is low could help to prevent that.”

Despite the strengthening of sterling against several countries, it has weakened against some long-haul destinations – including the US dollar, the Hong Kong dollar and the Thai baht.

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