Brexit discussion thread II

David Cameron has claimed family holidays in Europe could be an average of £230 more expensive if the UK votes to leave the EU.

In a speech to airline staff, the PM said a weaker pound, coupled with increased air fares and mobile phone roaming charges, would push up costs.

The claim comes amid mounting anger from Leave campaigners about the exit warnings produced by the government.
Vote Leave accused the PM of "talking down our country".

And UKIP's Nigel Farage said the PM was trying to "turn the truth on its head"

British holidaymakers heading to Europe for this weekend’s big getaway are being offered what may be the worst ever foreign exchange rates at British airports – in one case, just 88 euro cents for every pound they hand over.

The 88 euro cents offered at Cardiff airport followed a difficult week for the pound on the foreign exchange markets, where sterling fell to its lowest level for eight months to €1.11.

Travellers flying out of Gatwick, Luton and Birmingham on Friday were all being offered less than a euro for each pound, unless they had pre-booked their currency.

As thousands of parents who had been waiting for the start of the school holidays spent yesterday packing suitcases, the pound completed a terrible week falling to its lowest level for eight months – to €1.11.

It means cycling fans using their credit cards at the denouement of the Tour de France in Paris on Sunday will get an exchange rate of around €1.08 once the credit card firm has added its commission.

But it also allowed the airport foreign currency providers to slash rates – on what was set to the busiest day ever at British airports. The Forexchange at Cardiff airport on Friday cut its walk-up rate to the point that a pound would buy just 88 euro cents. Experts said that was possibly the worst euro exchange rate ever seen at any UK airport – traditionally the most expensive places to buy foreign currency.

We have seen how the pound has been subject to volatility since the Brexit referendum

The Travelex foreign exchange booths at Heathrow, Manchester and Glasgow were offering almost exactly €1 to the pound. The foreign exchange industry has blamed higher staff and property costs at airports for the poor exchange rates.

Ian Strafford-Taylor, chief executive of the online currency firm FairFX, said political and economic uncertainty since the vote for Brexit had weakened the pound, and British holidaymakers are now paying the price.

“Time and time again, we have seen how the pound has been subject to volatility since the Brexit referendum and how some currency providers look to be taking advantage of it. Our analysis of airport rates today shows that consumers are routinely being offered as low as 0.96 euros to the pound, well below parity. It couldn’t come at a worse time just as the nation heads off for the great summer holiday getaway.”

He said the pound’s decline since the referendum means that European hotels, meals out and pedalo hires are set to cost British holidaymakers 7% more than they did this time last year, and 21% more than in the summer of 2015. This is before any local price increases are included.

In the first week of the school summer holidays in 2015, Britons travelling to Europe received more than €1.41 for each pound.

solodeogloria wrote: »

It's both. The EU will be badly hit if it doesn't have access to financial services in London. This is why it's in both sides interests to ensure this continues. There's no point claiming it's just bad for London when that isn't true.