High street exchanges in the UK say more people are dashing to swap their pounds for euros and dollars ahead of the European Union referendum. Deborah Lutterbeck reports.
Hedging bets at high street exchanges
It’s the finals hours in Britain ahead of the European referendum.
On Thursday voters will decide on whether to stay with the EU — and some people are lining up at high street currency exchanges.
(SOUNDBITE) (English) UBS BANK EMPLOYEE, MARK, SAYING:
“My dad phoned me earlier. He’s asked me to come round and get him some euros in anticipation of them [rates against sterling] dropping tomorrow, cause they’re off to Spain for a week, so that’s brought me here today.”
Most forecasters expect the pound will fall sharply if there is a vote to leave the EU on Thursday — and that would weaken the spending power of British holidaymakers abroad.
Britain’s Post Office said overall currency sales in its branches and online were up 74 percent year-over -year since the weekend.
(SOUNDBITE) (English) ACCOUNTANT, DAVID, SAYING:
“I’m going on holiday end of August to America, I just want to get my cash now basically in case there is a ‘Leave’ vote and the pound does drop significantly, I thought it would be worth getting my dollars now. It’s not a big transaction, but if the pound does collapse, then it may cost be a hundred quid [pounds], so I thought I’d get some cash now.”
Opinion polls show a deeply divided nation — which explains why some people are hedging their bets.