BREXIT has weakened pound sterling and British holidays abroad have taken a hit. But one financial expert thinks the exchange rate is about to make a comeback – here’s why.
Since the UK voted for Brexit last June, sterling has been suffering.
One year after the vote, the pound had dived by 13.7 per cent against the euro and also taken a hit against many other major currencies.
As Brexit negotiations gather momentum in Brussels, sterling’s weakness prevails.
But one financial expert thinks the impending March 2019 Brexit is the best outcome for the exchange rate.
Nikolay Storonsky, who emmigrated to Britain from Russia, is the founder and CEO of the revolutionary digital banking app Revolut.
He forecasts the pound to make a comeback within the next year, putting more much-needed cash into holidaymakers’ pockets.
Mr Storonsky told Express.co.uk: “As a Russian immigrant to the UK, I have built a home and a business here and if I had to do it all again knowing a Brexit Britain was approaching, I would make exactly the same decisions and post-Brexit Britain would still be at the top of my list.”
The CEO thinks scaremongering has wrongly led to concerns about recessions, high unemployment and a halt to foreign investment.
He added: “Recent reports show that employment continues to rise, industry continues to grow and foreign investment looks set to boom with recent announcements from Facebook, Apple and Snapchat to open European bases in London, creating thousands of highly skilled and highly paid jobs.
“When you look at the UK in comparison to other European cities, English is the business language of the world, we produce a highly educated and highly skilled workforce, the infrastructure is second to none and we have a solid regulatory environment that is supportive of business innovation.”
According to Mr Storonsky, the next year of negotiations could prove largely beneficial for the UK currency.
He said: “Whilst the pound has inevitably taking a bit of a hit due to the uncertainty coming from central government, I’m predicting that sterling will begin to bounce back within the next 12 months as our long-term Brexit strategy becomes more clear.
“Rising employment, growing industry and continued foreign investment will also contribute towards its revival.
“However, it’ll be important to monitor the decision-making of the government carefully as this will be the key factor in relation to recovery.”
For Britons going on holidays in the near future, the expert advice is to always plan ahead and buy your currency early.
Ian Strafford-Taylor, CEO of FairFX, advised: “Holidaymakers who have left it late to exchange their spending money need to really shop around the best rates and at all costs avoid buying from the airport if you want to make their money go further.” – Express
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