Call for an instant quote 0345 90 80 161
Open Mon to Fri 09:00 - 17:30 | Sat 09:00 - 16:00 (GMT)
12 June 2017 08:50
The pound has fallen following the election result
Holidaymakers planning trips abroad in the coming days will be monitoring the progress of the pound closely following the surprise general election result.
Thursday's (June 8) election ended in a hung Parliament - with no single party forming an outright majority in the House of Commons.
The result came as a surprise to politicians and pundits alike. However, it also took financial markets by surprise, with currency traders not expecting such an outcome.
Falling pound
Overnight, the pound fell against major currencies such as the dollar and the euro, which could have consequences for those heading overseas in the next few days for foreign holidays.
As Britons were waking up to news of the shock result, the pound was down by 1.5% against the US dollar to 1.27 following overnight Asian trading. It was also lower against the single currency, standing at 1.13 euros.
The majority of the pound's losses came on the back of an exit poll yesterday evening, which first indicated that a hung Parliament could be on the cards.
Of course, currency isn't the only thing travellers need to think about when heading on their summer holidays. Trusted travel insurance can also help them to avoid the costs of unexpected occurrences, such as illness, injuries, lost luggage and flight cancellations.
'No panic yet'
Craig Erlam, senior market analyst at OANDA, said that despite the declines overnight, there has not been any panic yet with regards sterling
He said: "The drop in GBP/USD after the exit polls was very significant but even then, it remains slightly above the level that it was trading at prior to (Theresa) May calling the election back in April.
"Clearly there is no panic yet, but should coalition talks fail and the prospect of another election prevail, I struggle to see it maintaining these levels."
Many investors were predicting a healthy Conservative majority in the Commons, but the party has lost seats across the country.
15 August 2018
A simple blood test could help GPs detect a rare form of bone marrow cancer much earlier, a new study suggests.
[more...]
14 August 2018
Passengers arriving at Heathrow Airport last month faced queues of over two and a half hours at passport control, new figures have revealed.
11 August 2018
Hundreds of Ryanair flights will not take off as planned on Friday due to pilot strikes in five countries.
10 August 2018
Fad diets that cut out carbs while increasing fat consumption could lead to an increased risk of diabetes, according to new research.
09 August 2018
HIV testing has become even more accessible after a self-testing kit was made available from a High Street retailer.
08 August 2018
Women patients are more likely to survive a heart attack if they are treated by a female doctor, a new US study has revealed.
07 August 2018
The head of British Airways has branded two-hour queues facing travellers at Heathrow's passport control as a "border farce."
04 August 2018
Simple factors such as gender and body mass can help doctors to personalise care for patients with type 2 diabetes and avoid harmful side effects, according to a study.
03 August 2018
Gatwick Express must no longer claim it runs "non-stop to Victoria station in half an hour" and "in just 30 minutes" unless it can achieve the time in most cases, a watchdog has ruled.
02 August 2018
A charity is calling for greater access to respite support after it emerged that 72% of Britain's 700,000 young carers feel lonely and isolated during the summer holidays.
01 August 2018
A plan to build new rail links with Heathrow Airport and connect Windsor's two train stations have been submitted to the Government.
31 July 2018
The head of International Airlines Group (IAG), the company that owns British Airways, is 'optimistic' about a legal challenge to end crippling strikes.