Antonios Antoniou is the CEO and a consultant for FRT-C Consulting, where he serves as a financial consultant to a medium-sized company. Also a former professor of finance at Brunel University and Durham University, Tony Antoniou stays up-to-date with financial news, including information on the euro.
For the first time since the United Kingdom voted to leave the European Union in late June, some London airports are offering exchange rates of less than one euro per pound sterling.
In late August, the MoneyCorp bureau de change at London’s Stansted Airport began offering an exchange rate of €0.9915 for every pound. Similarly, the rate at the ICE exchange center at London Luton Airport was €0.990.
While this does not provide an accurate view of the pound’s overall trading power against the euro, it is the first time since the Brexit vote that the exchange rate has dipped below the one-to-one mark. Other airports, however, offer better rates. While the pound lost ground at other London airports, ICE at Gatwick still offered €1.05 for every pound.
These new rates may look ominous, but The Independent’s travel editor, Simon Calder, assures that in-person airport currency exchanges often provide the worst rates. He says doing the exchange online and picking the cash up in person usually offers better deals, even from the same company.
The airports were surely following the general trading trend. Their low rates came as the pound fell to €1.1622 against the euro, the lowest it has been in three years.