First of all the sky is not falling, I know the markets took a major hit on this news, but don’t panic, and sit tight. Now as a traveler, this could actually be a good thing. Let’s have a closer look as it stands.
The English Pound is now at a 30 year low. This means your dollars will go a lot farther when traveling to the U.K.
Other countries who look to the U.S. for tourism dollars now know the competition with Britain will be that much harder for them. So look for discounts at all points, lodging, hotels and incentives.
Airlines are also looking at this, traffic to Britain will no doubt increase, putting the pressure on the carriers to make airfares more attractive to other destinations in Europe. Travel to Europe can cost roughly $1200 and some in the travel industry are predicting this could drop to $900. So keep an eye on those airfares, and that trip you’ve been planning could cost you a lot less.
Regarding your stocks 401k and other investments, don’t sell, don’t panic, they will recover, and if you sell at a loss that is forever. On the flip side this could be a great time to buy stocks as they have lost value. So you could buy them at a discount and they will recover too. You can also buy British pounds as an investment, this currency too will recover.
There is so much speculation that only time will tell. Will more countries opt out ? Who knows.
Michelle is a freelance journalist specializing in luxury and experiential travel. Her readers number in the millions through her various online outlets and print magazines. She loves to explore a culture through their culture and food. "Sometimes, " she says , "luxury can be a shack on the beach with a sand floor and a ceiling of stars."