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Pound to euro exchange rate: Brexit news keeps GBP buoyed – should you buy holiday money? | Travel News | Travel

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The pound reached a two-month high against the euro today, despite the December Consumer Price Index for the eurozone showing inflation had remained at a steady rate, as forecast. Sterling is highly volatile at the moment due to Brexit developments. This week saw Theresa May’s government survive the no-confidence vote that had been triggered by Jeremy Corbyn after suffering a historic defeat over her Brexit agreement. “Looking forward, we still anticipate a decent looking Brexit bill will be passed and any concessions from the Prime Minister could result in a ‘softer’ Brexit, Hamish Muress, currency analyst at OFX, said. “Even if the March deadline has to be extended, this would support the pound’s performance further as it would grant a longer period of certainty.”

According to FairFx, the pound was down 14 per cent against the euro on Wednesday and 13 per cent against the US dollar compared to the day of the referendum in 2016.

The pound is currently trading at €1.137 against the euro, according to Bloomberg at the time of writing.

Bank of England (BoE) Governor, Mark Carney, has said: “Public market commentary, consistent with our market intelligence, that rebound appears to reflect some expectation that the process of resolution would be extended and that the prospect of a no-deal may have been diminished.” 

He added the pound would likely face further volatility, with markets watching Parliament for direction.

The comparative high at the moment should encourage Britons heading to the European Union (EU) on holiday to buy travel money before the exchange rate is shaken up, experts have said.

Greg Baggio, Head of FX at P2P travel money provider WeSwap, said: “In the moments before Theresa May’s historic defeat, holidaymakers and traders alike may have been disheartened to see the pound slip.

“This changed almost immediately after the rejection was announced, the pound jumping to its highest point in 2019.

“With uncertainty still manipulating the value of currencies, in addition to political news causing unpredictable shifts, holidaymakers need to think strategically around timings for currency exchanges.

“If timed carefully, their swaps can work to their advantage. For holidaymakers, now may be a good time to buy your foreign currency before any other announcements have the opportunity to affect the exchange rate.”

It is wise to keep an eye on the exchange rate to make sure you are buying holiday money at an advantageous time rather than at the last minute.

“Currency must play a pivotal role in holiday planning, and savvy holidaymakers should be keeping a very close eye on currency and its reaction to the latest political events,” Ian Strafford-Taylor, CEO of currency expert FairFX said. 

Tourists should definitely avoid buying currency at the airport. According to Martin Lewis’s Money Saving Expert website: “Whatever you choose, never buy your currency at the airport.

“Rates are hideous, as you’re then a captive audience. If you’ve left it late, at least order ahead for pickup at the airport, as rates are much better than simply walking up to a bureau.”

Looking ahead at today, the end of this week’s session will see the release of December’s UK retail sales figures, with forecasts indicating that sales have fallen, which could impact the pound.

With a lack of notable Eurozone data releases, it seems likely that progress in Brexit discussions is going to remain the main catalyst for movement in the pound euro exchange rate this week.

According to Post Office foreign exchange rates, travellers who withdrew over £500 today will get €1.1065 for £1, €1.1076 for £1 is buying over £1,000.

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Travel & Escape

Opinion: Are we ready for the tourism rebound?

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Canadians are ready for the borders to be re-opened and will be flocking to sun destinations this winter like never before. The number of people who have said that they are ready to “get out of Dodge” and “fly the coop” is an indication that there is a pent-up demand for travel and excursions that has been bolstered by a two-year sabbatical from vacations of any semblance. 

While Canadians are going to be heading south, we can expect some of our citizens as well as those from other nations to be looking to Canada for their adventure holidays. When the requirements for the two-week quarantines are lifted, we will be seeing a quick rebound of tourism as other countries who have already lifted their restrictions have seen. 

But are we ready?

In 2019, tourism contributed $105 billion to the Canadian economy. Tourists from outside of Canada spent over $16 billion dollars.  Those numbers were down considerably in 2020 and it is only natural that many people in the industry suffered as a result of the effects of the pandemic and lockdown restrictions.

While some folks, fearful of the spread of variants, believe that the borders should never be re-opened, the reality is that to save our tourism industry and the economy, we need tourist traffic from outside of Canada as well as interprovincial travel. As Canadian and foreign tourists start their migration towards our tourist and nature attractions, there is some hesitancy about the readiness of the industry to manage the coming tsunami of people.

Hit harder than many sectors, the tourism industry has been affected by the pandemic in ways that other industries haven’t. The closure of attractions, fairs, tour bus companies, sporting events, concerts and community events with any semblance of a large group has forced workers in this industry to look for jobs elsewhere to survive. As a result of this migration of talent there will be many tourism related businesses that will have difficulty scaling up to meet demand.  According to Statistics Canada, 32 per cent of accommodation and food service companies expect that attracting workers is going to be an obstacle for them this year.

Even if you have some warm bodies to fill your positions, having well-trained staff will remain a problem for many tourism and food service companies. Most business leaders in the industry understand the result of having improperly trained staff working in positions serving the public. The consequences of poor customer service can be long lasting and devastating. Unfortunately, as a result of the constant opening up and shutting down scenarios that have been seen in the economy over the past 18 months, most operators have been reluctant to increase the staffing levels that will be necessary to meet demand. The consequences will be that there will be no other option but to have staff that are not fully trained or optimally equipped to take care of the flood of vacationers.

In order to adjust to the coming demand, tourism-related businesses will need to be prepared to hire and train new employees to promote and deliver their services. This should include systematization of training, hiring and onboarding processes to enable companies to get up to speed quickly when the demand starts.  

While tourism deserves to have their days in the sun and profit from increased business, we need to recognize as Canadians that it takes a country to host visitors and we need to encourage and support those people in the industry who have been hit so hard.

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COVID-19: Tourism bookings start increasing as B.C. opens up

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Tourism in B.C. is restarting but don’t expect it to be the same as it was before the COVID-19 pandemic.

While B.C. Ferries is welcoming recreational travellers and relaxing its mask requirement at terminals, face coverings will still be mandatory on board whenever you’re not in your vehicle.

Several Indigenous tourism businesses and locations that were closed to visitors are planning to reopen July 1.

Other tourism businesses are welcoming back visitors but won’t be in a position to handle big volumes because of a lack of staff, said Anthony Everett, president and CEO of Tourism Vancouver Island.

“Everyone needs to travel with a great deal of patience,” Everett said from Nanaimo. “Most businesses are running at a fraction of capacity of what they did prior to COVID.”

Many tourism sector workers have left the industry and found work elsewhere, Everett said. Particularly hard hit are restaurants that can’t find kitchen workers and companies doing tourism-related activities such as kayaking.

He said the benefits of tourism won’t be evenly distributed.

Last year, Victoria struggled all summer long and while bookings for accommodation have increased, some of the city’s restaurants are only open for lunch, others only for dinner.

“This is all going to take time to build up,” Everett said.

“Frankly, I think it will take years. This summer, bookings are going up, that’s what we’re been waiting for. It’s not going to be the exact same experience you were used to prior to the pandemic. I hope people remember and recognize that.”

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Mountain biking the Sea to Sky Trail

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With the 700-metre granite dome of the Stawamus Chief as a backdrop, my friend, Ken, and I climbed on our bikes in Squamish and began pedalling north. Our destination was Whistler, an uphill trek of some 80km that we hoped to cover in two days.

It would be easier to ride the opposite way—from Whistler to Squamish—because it’s downhill. But it wouldn’t be the Sea to Sky Trail if we rode that way. Besides, how hard could an elevation gain of more than 600 meters be?

I have driven the Sea to Sky Highway to Whistler many times. It’s arguably one of the best drives in Canada, but when I learned about the Sea to Sky Trail, I knew I needed to experience it on a bike. It’s a slower pace, and largely away from the highway, so it would allow us to appreciate the journey—the valleys, river gorges, lakes, and forests—in a way you can’t in a car.

While the Indigenous peoples of the Coast Salish and Interior Salish have used this corridor as a historic travel and trade route, the idea of a multi-purpose Sea to Sky Trail was first imagined in the early 1990s. But given the geographical and funding challenges, it’s only been in the last decade or so that the vision of the 180km trail from Squamish to D’Arcy, north of Pemberton, has been realized.

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