The British pound is slightly higher in late trading today as some analysts are now starting to predict that Brexit will be a boom and not a bust for the local economy.
At 5.04pm (GMT) the British currency was trading at $1.2472 up from $1.2455 in yesterday’s trading.
As the end of March draws closer and British Prime Minister Theresa May prepares to invoke article 50, the process for the UK to leave the European union, many investors are nervous and expect a sharp drop in the local economy and the pound.
One analyst however has broken ranks with main stream and Predicts that a Britain without the EU will be in a much better position financially and will jump forward after the end of march,
“The markets' pessimism about Brexit is being turned on its head," says George Trefgarne, founder of Boscobel & Partners.
“Brexit was fought on an explicitly free-trade platform and the signing of new free trade agreements around the world, including with the EU. Insofar as there was a Protectionist Brexit faction, it has lost the subsequent, post-referendum argument.” He added.
British holiday makers will be hoping the economy and pound improves after March with a survey showing that 41 percent of Brits have changed or cancelled travel plans because of the weaker currency.
Rob Thomas, head of brand at Columbus Direct, said the less favourable exchange rates is the prime reason why consumers are tightening their belts when it comes to holidays,
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