🤑 It doesn’t get more affordable. Grab this 60% OFF Black Friday offer before it disappears…CLAIM SALE

British tourists in New York dazed, feeling poorer after Brexit

Published 24/06/2016, 22:59
© Reuters. People gathered in The Churchill Tavern, a British themed bar, react as the BBC predicts Britain will leave the European Union, in the Manhattan borough of New York
SQ
-

By Stephanie Kelly

NEW YORK (Reuters) - British tourists Britain visiting New York awoke Friday to news of their country's vote to leave the European Union and, in daze over the surprise outcome, had to contend immediately with effectively higher costs for everything as the pound plummeted.

"Apocalyptic," is how South London resident Greg Rowland, 49, described the referendum results while making his way through the tumult of Times Square (NYSE:SQ).

One of the biggest effects for British travellers abroad was a sharp drop in the British currency. At one point on Friday, sterling fell over 11 percent to its lowest level in over 30 years, $1.3228.

"It was a good thing I paid for my hotel yesterday morning," said Rowland, whose region voted overwhelmingly to remain in the EU.

The resignation of Prime Minister David Cameron, effective October, was difficult to comprehend while abroad, Rowland added.

Illyanna Valentina, a 25-year-old from South London, travels abroad every few months for her job as a writer and will feel the pinch from higher costs.

"It's strange and shocking, the fact that it's happening and I'm here," Valentina said, noting how she has been using cash for much of her visit to New York.

"You really can't help but think ... how difficult life will be for the people in the UK who have either built lives there or either now feel sort of displaced," said Valentina, the British-born daughter of a Russian immigrant.

Freya Gill, a 34-year old from Yorkshire, a region whose majority voted to leave the EU, was "shocked" by the result.

© Reuters. People gathered in The Churchill Tavern, a British themed bar, react as the BBC predicts Britain will leave the European Union, in the Manhattan borough of New York

"It hasn't directly affected us while we are on holiday, but it is worrying for the value of the pound and how long it is going to remain worth what it is," Gill said.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.