Brexit, especially with regard to the prospect of a no deal exit from the EU, has often been shrouded in negativity. Potential for the UK’s departure from the political-geographical state, with no set detail or plan of how to go forward, has previously sent the pound to euro exchange rate plummeting. Meanwhile, it has been revealed millions of passports could be at risk of becoming invalid should a no deal occur. Britons also appear to have been dissuaded from traveling to EU member states as the uncertainty rumbles on.
Yet finance experts have revealed there are some advantages to Brexit, whether this be in deal or no deal form.
Ian Strafford-Taylor, CEO of currency expert, FairFX said it could provide holidaymakers with chance to “explore” travel destinations they might not previously have contemplated.
He told Express.co.uk: “As far as travel money is concerned, Brexit provides a good opportunity for holidaymakers to explore destinations outside of the eurozone because the pound may be performing stronger against other currencies.”
He added: “With multiple options still on the table the UK still faces a lot of uncertainty over exactly how it will leave the EU.
“Uncertainty is, without a doubt, one of the biggest causes of volatility for currency.
“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.
“Brexit is an unprecedented event so it’s no wonder there is heightened anxiety around the consequences it may or not have.”
Meanwhile, a series of amendments to Prime Minister Theresa May’s Brexit divorce deal were tabled on Wednesday.
Of the most significant outcomes, Labour leader Jeremy Corbyn’s amendment calling for a permanent customs union with the EU and close relationship with the single market was rejected.
Meanwhile, Labour MP Yvette Cooper with Tory MP Sir Oliver Letwin, proposed an amendment to reiterate a previous statement made by Mrs May and give MPs the chance to vote on a delay to Article 50, was passed.
Mrs May delayed another vote on her Brexit deal in Parliament after it was overwhelmingly rejected by MPs last month.
The meaningful vote will take place before March 12.
The Prime Minister has confirmed she will also allow Parliament to vote on whether to delay Brexit or pursue a no-deal Brexit if an agreement cannot be reached.
The UK is scheduled to leave the EU on March 29.