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Wednesday, July 17, 2019

Next year's summer holidays could be expensive

If Boris Johnson and his Brexiteer supporters believe that taking us out of Europe without a deal is going to secure a victory in a General Election, then they may well have failed to account for the impact of such an approach on ordinary voters.

One such consequence could be the end of cheap foreign holidays, with the Independent reporting that the average cost of staying at popular European destinations could soar by £225 per person in such a scenario.

This became clearer as Tory leadership hopefuls Boris Johnson and Jeremy Hunt came under fire over hardline promises to scrap the Irish backstop, which sent the pound plummeting amid growing concern about a no-deal outcome. As a result Britons buying foreign currency ahead of summer holidays got less for their money due to sterling plunging to a six-month low against the euro and a 27-month low against the dollar.

Analysis released by the People’s Vote campaign suggested that the combined increase in the cost of flights, hotels, insurance and mobile roaming fees could add £225 a person onto the cost of holidays to the most popular resorts in Spain and Greece following a disorderly withdrawal from the EU, which could see the pound reach parity with the euro.

What is becoming clear is that the only people who will benefit from Brexit - deal or no deal - are the very rich, those who can afford to buy Maltese passports, whose money is stashed abroad, or who have already set up trading funds in European countries to protect their clients.

Brexit is not so much about us taking control, but the affluent taking control of their money and keeping it away from European regulations.
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