UK election drives drop in British pound

London, United Kingdom - August 20, 2016: Camden Lock Bridge, famous alternative culture shops in Camden Town, London. Camden Town markets are visited by 100,000 people each weekend
By Hannah Edensor


Australian travellers heading to the UK may enjoy an unexpected windfall in their travel spending money as the British pound showed a sudden dip following the surprise strong possibility of a hung parliament following the UK General Election on June 8.

In actual fact, the Conservative party saw its majority lost, and an unexpected outcome from the election could be good news for UK-bound travellers.

Kelly Spencer General Manager of Travel Money Oz said, “The uncertainty has rattled the markets after what was expected to be a strong Conservative majority win and a stronger negotiating position for the UK’s exit from the EU.

“Australians who are travelling to the UK soon will benefit from any drop in the value of the Pound, and by locking in an exchange rate now, could benefit from further falls due to the election uncertainty, meaning more travel money in their wallet.”

The June 2016 Brexit referendum result saw British Pound notes in short supply as customers rushed to shops to buy the currency.

Travel Money Oz is advising those travelling soon that they can lock in their rates now without worrying about missing out on any further rate improvements.

The introduction of free Rate Guard exchange rate protection will pay you back the difference if the GBP exchange rate improves within 14 days of you making your foreign currency purchase in store.

“With Rate Guard, you know you will be getting the best rate during the 14-day period and it’s available as a free add-on,” Spencer added.

“We aren’t able to provide any rate predictions but we know that many travellers prefer to have certainty.”

Alternatively, customers not wanting to buy and hold cash can load funds onto Key to the World- a prepaid travel money card, to secure a great AUD- GBP rate.

Travel Money Oz advised customers that their rates are guaranteed for advance orders in-store or online. Key to the World Currency Card can have exchange rates locked in on up to 10 different currencies.

Latest News