What will Britain’s exit from the European Union mean to people who want to visit? We ask our travel expert about it and he also gives us some safe traveling tips.
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Brexit Vote Ripples Reach Travel Industry
The United Kingdom’s recent decision to leave the European Union sent ripples through the country’s economy, and many industries are expecting to be impacted by the decision. Travel already has been, according to a travel expert.
A big influx of people looked for fares to London when the result was announced, said Rick Seaney, CEO of FareCompare.com. Fares dropped for the first week, but have since started to climb back up. Currently, fares are lower than they were last year at this time, but that was the trend even before the votes were tallied, Seaney said.
It’s not the low flight prices that are prompting people to think of traveling to Great Britain, it’s the 20 percent drop in the value of the British pound, according to Seaney.
“Once you get there, with the pound being so weak against the dollar, all your activities are really inexpensive,” he said. “A lot of people are taking empty suitcases over to the UK and coming back with a bunch of goodies.”
However, travelers should watch the financial markets because that could change, Seaney said.
Travelers might want to wait a few weeks to book flights. Fares are expected to drop again as the summer travel season ends and demand drops. The magic date is Aug. 23, he said.
“On that day, prices tend to drop on international travel between 12 and 18 percent, on some routes as much as 25 percent,” Seaney said. “September and October are some of the best times to go to Europe.”
Lower fares, better weather and fewer people are great incentives to wait to travel, he said.
Episode Credits
- Larry Meiller Host
- Jill Nadeau Producer
- Rick Seaney Guest
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