British Holidaymakers Are Suffering As Pound Falls

8th August 2018

The pound's fall came after UK Trade Secretary Liam Fox said that the chances of the UK leaving the EU without a deal seemed to be increasingly likely.

British tourists travelling this summer are being hit where it hurts most – the wallet – thanks to a sharp drop in the value of the pound.

The pound's fall came after UK Trade Secretary Liam Fox said at the weekend that the chances of the UK leaving the European Union without a deal seemed to be increasingly likely.

He put the chance of failing to come to an agreement at "60-40".

The pound had already been hit at the end of last week by a similar warning from the Bank of England governor, Mark Carney, who told the BBC there was an "uncomfortably high" risk of the UK leaving the EU without a deal.

The UK government has been careful to say that it is not seeking a 'no deal' outcome, but that it has to be prepared for all eventualities.

Meanwhile, in Brussels, the President of the European Council Donald Tusk has not minced his words. “A no-deal scenario would be bad for everyone," he said earlier this year, "but above all for the UK."

The pound earlier fell to its lowest level against the dollar for around 11 months. Against the euro, it was trading 0.4 per cent lower at €1.1195 - about a two-week low.


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