NEWS

Pound To Euro Exchange Rate Falls Following Brexit Bill Passage

As Brexit trigger looms.

14/03/2017 09:35
Bloomberg
Sterling weakened against the Euro (pictured) and US dollar on Tuesday

Sterling has weakened against the Euro and US dollar after Prime Minister Theresa May was granted authority to trigger Article 50 on Monday, commencing the formal process for Brexit.

The pound fell to its lowest level against the Euro since 20 January, down by 0.63 percent at €1.1398 in early trading on Tuesday. 

And the currency fell as much as 0.5 percent against the dollar to $1.2153, Bloomberg reported.

Bloomberg
The pound fell against the Euro in early trading after the Brexit Bill passed on Monday evening

The fluctuations in the value of the pound since the June 2016 EU referendum has made converting Sterling into foreign currency a more expensive task than it was this time last year.

The currency flux has increased prices for a range of everyday goods and services.

Bloomberg
The pound also fell against the US dollar on Tuesday morning

Sterling was down against the dollar by about 19 percent since the Brexit vote in January, but recovered slightly before Tuesday’s falls.

But it is the pound to Euro exchange rate that’s of particular concern to many.

Europe is the most popular holiday destination for Brits, with some 47 million visits in 2014, according to the BBC.

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