This past Friday, the United Kingdom voted to leave the European Union, making it the first country to leave the EU. Many British citizens were either wanting to remain with the EU or supporting to leave. While this news shocked the world, the majority of Americans wonder how this type of news will affect American travelers.
One of the biggest impacts for the U.S. is that our economy will be affected. The UK will go through one of their biggest economical turmoils. The British pound will decrease its value and it will take over a decade for it to go back to how it used to be. So how does this affect the U.S. economy? The United States earns 3 percent of its income from the UK. Even though it isn't a big impact to U.S. economy, the Brexit pushes American interest and mortgage rates down.
While the British pound value is decreasing, Americans at the moment have the opportunity to travel to the UK without making a hole in their pockets. The British pound dropped to its lowest level in more than 30 years, currently the pound is $1.37 to get you £1. The British pound has always been one of the highest currencies in the world, making it difficult for many American travelers to let their vacation be slightly affordable. Currently, Americans can enjoy a slightly more affordable UK trip than usual, however; a trip outside the UK may be a bit more expensive now, since the UK is no longer part of the European Union, resulting air fare prices to increase. The Brexit will affect other European citizens outside the UK, who will have to use visas to enter the UK, resulting in them having to join U.S. citizens as "International Travelers."
While the Brexit may be upsetting for British citizens, Americans are benefiting from these changes. It's perfect timing to plan your UK dream trip soon!