10 Sep 2019 The pound has weakened considerably since the UK voted to leave the EU in June 2016, due to a combination of business uncertainty and lack of confidence during the extended Brexit negotiations.
This has impacted many goods and services, but the one thing that irks many brits the most is the extra they now must pay for a beer when outside the UK.
Holidaymakers will have noticed the impact on their bar bills whether they visited European holiday hotspots or more exotic locations further afield.
A beer in Thailand may only cost the equivalent of £2.25, but that’s an increase of 38% on exchange rate difference alone from the £1.63 in 2016.
Visitors to the USA have seen the cost of a beer rocket by a fifth in the same period, with a typical beer now £4.18 – up over 20% in a little over 3 years.
If you’re heading to Scandinavia and the Nordic region, be prepared for some eye watering beer prices with Norway up 9% to £7.66 and Iceland up almost 16% to £7.07 – it’s enough to make you go tea total!
One of the cheapest countries for a beer is the Czech Republic at £1.30, but that’s still over 22% more than the bargain £1.06 in June 2016.
Oktoberfest in Munich begins on 21st September. The sixteen-day beer festival and travelling funfair is like no other, but the tables loaded with steins will set UK drinkers back an extra 16% compared with when the Brexit bargaining began.
Alana Parsons from international payments and foreign exchange firm Caxton comments; “Many brits are fed up with the seemingly never-ending Brexit wrangles, and for many it has tested their patience to the limit.”
“As if the constant arguments amongst our own MPs and withtheir European counterparts wasn’t enough, the impact it’s having on a beer abroad is just rubbing salt into the wound for holidaying brits who simply want to switch-off, relax and enjoy a well-earned break.”
Alana added, “these extra costs, unlike the beer, are hard to swallow, but holidaymakers can keep the additional expense to a minimum by thinking about their currency needs and overall holiday costs from the moment a trip is booked.
“Using a free Caxton multi-currency card can certainly help manage the holiday budget as it can be pre-loaded with a currency of your choice so you can keep track of exactly what you’re spending. Whatever you do, never leave travel money to the last minute by buying it at the airport and remember to always pay in the local currency of the travel destination you’re in”.
Helpful Resource Depending On Your Requirements