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Published on Friday, December 14, 2018

Currency shock for travellers heading off for Christmas

Tourists exchanging money at UK airport foreign exchange outlets as they set off on Christmas breaks are barely being offered one dollar for each pound, according to the BBC.

It blamed ongoing uncertainty around the Brexit negotiations for sterling's 11.77% slide against the dollar since April.

Sterling has also fallen heavily against the euro, with some forex outlets offering only 92 cents for every pound.

The pound is now at its weakest against the dollar since April 2017, although the BBC said it has recovered slightly this week since Prime Minister Theresa May won a vote of confidence from fellow Tory MPs.

A little over 10 years ago, the pound was worth more than $2, but this week tourists exchanging money at Heathrow were getting as little as $1.05.

While other factors such as low interest rates are partly to blame, the BBC said experts accepted that Brexit was the main reason for the collapse of the pound.

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  • Rip-Off

    I think this shows one of the major issues for consumers travelling abroad when they are being exploited with such poor rates from dealers/banks and brokers. The rate is 1.25 dollars per pound so how they can be offered below 1 for 1 is astonishing and needs regulated better. It should be possible to get 1.20 quie easily using appropriate channels outwith the sharks that are highlighted here.

    By Steven Gargaro, Thursday, December 20, 2018

  • Rip Off Merchants

    Disgusting. Airports ALWAYS rip you off. Go to M&S money, looking today it is 1.22 for an M&S cardholder and 1.21 for non-cardholders.

    By LINDA PARKES, Friday, December 14, 2018

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