Brexit is causing a headache for holidaymakers – despite the UK’s separation from the EU not having yet occurred. The official, legal divorce from the political-geographic state will take place on March 29, 2019. As yet, Prime Minister Theresa May has not secured support for her Brexit deal. This means potential for a no deal – where the UK would cut ties with the EU with no future plans of how to go forward – remains.
Meanwhile the extension of Article 50, where the entirety of Brexit would be delayed, or even a second referendum on Brexit, could also transpire.
Ian Strafford-Taylor, CEO of currency expert, FairFX has opened up on the impact of a Brexit of all forms on Britons looking to holiday overseas.
He said: “The European Commission has confirmed that UK travellers will not need a visa to enter EU countries, but they will need to apply for and purchase an ETIAS (European Travel Information and Authorisation System) before travelling.
“When it comes to currency, exchange rates must play a pivotal role in holiday planning.
“Savvy holidaymakers should be keeping a very close eye on currency and its reaction to political events if they want to get more for their money.”
Referring to the current political uncertainty, Ian added: “There is still a lack of clarity over how Brexit will play out.
“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.”
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 PM 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.
Meanwhile, Labour leader Jeremy Corbyn appears to have done a political U-Turn with his support of a second referendum.
MPs will vote on the proposal next week.