British holiday makers are being offered less than €1 to the pound at some airport currency exchanges following a torrid week for the currency.
The pound has nosedived once again following a mysterious flash crash suffered in early Asian trade this morning.
A spot-check survey undertaken by currency provider FairFX this morning revealed that a number of airport currency exchanges were offering around €1 for every pound.
One provider in Southend airport was offering 97c to the pound while at Birmingham, Edinburgh, Heathrow, London City and Luton, rates ranged from €1 to €1.01.
FairFX CEO, Ian Strafford-Taylor said if the pound falls any further similar rates could be seen in airports throughout Britain.
“The pound has taken heavy blows over the last week with another big fall today,” he said.
“It’s no secret that airport exchange rates aren’t the best but we think holidaymakers will be shocked when they realise just how little they offer as some of these rates are downright scandalous,” he said.
Following the Sterling plummet, Food and Drink Industry Ireland (FDII) have warned the fallout for the Irish export industry could “far exceed that of previous currency crises.”
The trade association said the government needs to take urgent action in next week’s budget.
FDII Director Paul Kelly said the damage from currency uncertainty is “potentially enormous in terms of reduced export volumes and job losses."
"The current change in currency value is structural, not cyclical, and has occurred following fundamental changes to the economic and business environment domestically and in the UK,” he said.
“This makes it next to impossible to pass through currency changes to export customers or absorb them within businesses.”
The FDII are calling for a €25m fund to support companies diversifying into new markets and a re-introduction of the Employment Subsidy Scheme and the enterprise stabilisation measures last seen in 2011.
The trade association are calling for a fully 'Brexit-proofed' budget to address tax competitiveness against the UK.
