How can you stop Brexit hurting your holiday plans?

Updated
Currency Exchange Rate Display
Currency Exchange Rate Display



It will come as no surprise to anybody that last Friday's vote to leave the EU is likely to have a big effect on the country's holiday plans.

The most immediate result of the vote was a plummeting pound as investors lost confidence in the British economy. Anybody unlucky enough to be exchanging pounds for Euros at the airport over the weekend received as little as €1.07 in return for their £1.

The price of everything in the EU in other words, from coffee to car hire, will be more expensive for Brits from now on.

And it's not just in Europe that we'll have to pay more, as the pound has fallen dramatically against other currencies, such as the dollar, as well. Even in the UK, higher petrol prices will make travel dearer.

As for holiday prices themselves, they're likely to rise in future too as a less-valuable pound means holiday companies have to pay more. Fortunately there are three steps we can take in order to protect ourselves and bag a bargain holiday despite the turmoil.

1. Track down the right location
It's not just the pound that has had a difficult time. South Africa, Russia and Mexico, for example, have also seen their currencies plummet, so that even after all the Brexit weakness, you get more Rand for your money. The Ruble is roughly where it was this time last year, but down significantly over the longer term, and the Mexican Peso has weakened too. If you have always fancied exploring St Petersburg, the Wine Route or Cancun, then this could be your opportunity.

2. Consider all-inclusive
If you act fast, you can snap up an all-inclusive deal before prices rise. If you can book for next year now, then you can avoid any price rises in the interim, and lock in cheaper prices. With the right all-inclusive deal you won't need to spend a fortune exchanging any spending money either.

3. Shop around
The pound may have fallen, but there are still big differences in exchange rates online and on the high street. If you take the time to track down the cheapest deal, then you can avoid the worst horrors of hiked holiday costs.

Of course, if all else fails, there's still the option of a staycation. As Gemma Sonfield, head of travel at comparethemarket.com says: "Our research suggests that the number of UK holidays to Europe could fall significantly as a result of the outcome of the referendum, with over one in ten (11%) UK adults saying that they would now be less likely to book a holiday to Europe."

How Will Brexit Affect Retirement Plans?
How Will Brexit Affect Retirement Plans?




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