Pound climbs against euro and dollar as MPs head back to parliament

STERLING’S value against both the dollar and euro remains at a high as MPs go back to parliament following last week’s general election win for Boris Johnson.

This means that, currently, £1 would get you €1.19 or $1.33.

The pound has been steadily climbing against the euro in recent months
BBC via WebFG

The pound hasn’t been at this 1.1994 level against the euro in more than three years.

It last hit these heights before the UK’s referendum to leave Europe on June 23, 2016.

Meanwhile the dollar remains at more than an 18-month high against sterling, standing at 1.3334 – levels not seen since April 2018.

It comes after the Tories swept to victory in last week’s general election, with Mr Johnson retaining his role as Prime Minister and preventing the likes of Labour’s Jeremy Corbyn and former Lib Dem leader Jo Swinson from snatching power.

Sterling is also up against the US dollar this year
BBC via WebFG

A mini cabinet re-shuffle is now expected to take place today to replace culture secretary, Nicky Morgan, and Welsh secretary, Alun Cairns – both of which had resigned.

How to get the cheapest holiday cash

WE spoke to comparison site Money.co.uk to find out how you can guarantee the best rate when you go on holiday

  • Don’t buy cash at the airport – You’ll always be able to beat the rate with a bit of forward planning.
  • Compare travel money companies online – Factor in delivery costs and choose the option that gives you the most cash to spend on holiday. If you’ve left it until the last minute order online for airport collection so you get the best of both worlds.
  • Use comparison tools – MoneySavingExpert’s TravelMoneyMax enables you to compare pick-up and pre-order rates.
  • Don’t pay for travel money with a credit card – It’s likely you’ll be charged a cash withdrawal fee which adds to the cost.
  • Top up a prepaid card to lock in your rate now – Choose your card and read the T&Cs carefully as some apply hefty fees.
  • Always choose to pay in the local currency rather than sterling – This will help you avoid sneaky exchange fees.

MPs will then be sworn in at the House of Commons tomorrow, before the Queen’s Speech is due on Thursday outlining the new government’s legislative programme for the coming year.

But the pound is still down against the euro over the past five years
BBC via WebFG

On Friday, the withdrawal bill will be brought back into parliament for debate, if the new speaker Lindsay Hoyle allows it, with the UK still planning to leave the EU by January 31.

Of course, the pound still hasn’t recovered to its pre-referendum heights against either the dollar or the euro.

It had been as high as 1.58 against the dollar back in 2015 and at 1.44 against the euro around the same time.

The pound is also down against the dollar over the long-term
BBC via WebFG

The value of the pound jumped immediately after Boris won, posting its biggest rally in three years.

If you’re planning a trip abroad, we round-up the best time to exchange money for holidays, including euros, dollars and Turkish Lira.

Plsu, here are the best credit cards to use abroad – from Halifax to Santander.

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