Share your story

How Brexit will cost Britons an extra £0.5bn this summer

Britons abroad will have spent 10-15 percent more on foreign holiday expenses this summer due to sterling’s post-Brexit slide, according to a respected retail commentator quoted in City AM.

Using government figures for tourism spend, retail strategist Richard Hyman calculated that the nation will have spent £500 million more on holiday in July, August and September due to the Brexit vote.

The overspend will be the Brexit vote’s “first direct impact on consumers”, he said: when families return home, they will realise how it has hit their finances, and reduce their outgoings.

Price rises

He said retailers will also have to contend with goods becoming more expensive at home next year.

“There will be a some direct impact of Brexit coming through in the next few months – but when the currency hedging runs out, things will become more difficult as the product becomes more expensive,” he said. “It’s not clear to what extent retailers can pass that on to customers.”

Related articles

European companies plan withdrawal from British banks

More than half of European companies think UK banks will lose “passporting” rights

Read article

Infrastructure spending suffers post-poll slump

The value of contracts for July fell 20 percent against the previous month

Read article

Leading North East architect blames collapse on Brexit

Red Box Design suffered delay or cancellation of five major projects after the poll result

Read article

Latest tweets


Have your say

We're keen to find out how the effects of Brexit are affecting people and businesses nationwide. If you'd like to share a story, please get in touch

Get in touch