Rush to stockpile euros as Brexit gets nearer

HOLIDAYMAKERS HAVE been stocking up on euros as Brexit draws nearer, new figures suggest.

Post Office Travel Money, which accounts for one in four UK foreign exchange transactions, said there has been “strong demand” for euros in recent months, suggesting there is still a significant appetite among holidaymakers to travel to Europe in the months ahead.

Euro sales are up three per cent year-on-year in 2019 so far compared with January to midFebruary in 2018, figures provided by Post Office Travel Money showed.

Sales of the euro also surged by five per cent year-on-year in November and December 2018 compared with the same months in 2017.

As well as planning holidays to Europe, some holidaymakers may be considering changing their money now because they are unsure about potential future currency swings in the uncertain political and economic climate.

Sterling remains resilient against the euro, around two per cent up on its position a year ago.

Those travelling overseas for half-term will find sterling has strengthened against many currencies compared with a year ago, making holidaymakers’ cash go further on their getaways.

Andrew Brown, Post Office Travel Money expert said: “There is little doubt that the strength of sterling will exert some influence on holiday choice in the coming months and that is why it is important for people to do their homework before booking.”