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Pound dips post-Budget – holidaymakers cannot afford to ignore politics

Following the final Autumn Budget before Britain leaves the European Union, holidaymakers will be disheartened to see the Pound reach a near two month low. However, with a fluctuating pound heavily impacted by political events, WeSwap can reveal its nationally representative research, as well as commentary surrounding the Autumn Budget’s effect on the Pound:

  • 54% of Brits believe that Brexit will make foreign currency and holidaying in general more expensive
  • 30% believe it will impact holidays more than any other aspect of life

Jared Jesner, CEO of WeSwap:

“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. Political events such as the Autumn Budget can have a massive impact on the exchange rate, particularly when they concern the economy and public spending. In order for holidaymakers to ensure they get the best exchange rates, they should be aware of these important dates and plan when they buy their holiday money accordingly. WeSwap’s research has found that nearly half of all Brits find and buy their foreign currency in the space of one day, leaving them vulnerable to forces beyond their control that dictate the strength of the Pound. When shopping across travel money providers, UK travellers should also shop across a period of time for a stronger rate. Philip Hammond’s Autumn Budget works under the assumption of a smooth Brexit, something that may not happen and therefore influences a level of uncertainty regarding the Pound. With increases to Air Passenger Duty looming as a result of the Budget, we simply cannot afford to buy our foreign currency in the space of one day as it will leave us susceptible to losses to the tune of hundreds.”

About WeSwap

WeSwap is the People’s Currency Exchange. We’re striving to remove all the stress, hassle and smoke and mirrors normally associated with currency exchange, for as low cost to our community as possible. WeSwap matches travellers up and swaps their currencies directly, avoiding the costly fees imposed by other services.

Having just won Best Travel Money Provider 2018, WeSwap’s people-powered platform helps travellers get the best rates of exchange – by way of a transparent 1-2% fee on the mid-market rate – along with a suite of tools to help travellers budget better and be more financially savvy when traveling. WeSwap stats from 2017 show people saved significant amounts by using the platform vs exchanging at notorious exchange hot-spots such as the airport. WeSwap provides users with a WeSwap Mastercard that can be used to load or spend local currency, withdraw cash or order before jetting off.

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