Millions of British holidaymakers with summer travel plans have been urged to hold off changing money until after the election. Jasmine Birtles, chief executive of the personal finance website MoneyMagpie, told The Independent : “A Labour win with a large majority will imply some stability, making the pound more attractive to investors – at least for a few months. “Figures are very difficult as there are so many variables, but if I were to pull one out of the air I would say a 3 per cent rise.
” On the night of the EU referendum in 2016, sterling collapsed overnight against all major currencies. Against the euro it dropped from an average of around €1.30 to €1.
20 or less. The current value of £1 is around €1.18, about 10 per cent below the pre-Brexit level.
The top destinations for British holidaymakers – Spain , France and Italy – all use the euro, as do Greece, Portugal and Ireland. Ms Birtles advised holidaymakers: “If they can, it’s probably worth waiting until after the election, although it’s always a gamble. “There are still a few weeks to go and we don’t really know what will happen at the election.
It’s still all to play for. “Also, of course, there are other factors to consider that can affect the strength of the pound, including interest rates and productivity levels which could move the dial either way. “If anyone is unsure, do half and half: change some money now and leave the rest until after the election.
” The value of the po.
