Export news in brief: foreign currency, FX, EU, Brexit

Export news in brief
Export news in brief

Unchanged foreign currencies are surprise cost of travel abroad

There could be a hidden cost of travel abroad – and it’s not what many of us would expect. According to research from Xpress Money Services, up to £390million in unchanged foreign currencies remains tucked in jars and drawers around the country, over 12 months after returning home. High exchange rates and the perceived hassle of getting out to a bank or Post Office are the most common reasons given for holding onto cash.

Around 78% of those with foreign currency say that it has been sitting there for longer than 12 months with almost 10% believing that they still had notes and coins from over 5 years ago.

Over 82% of those polled admit to buying items at the airport for the sole purpose of using up foreign currency.

SMEs could sway the EU referendum outcome

One of the biggest voting pools for the upcoming EU referendum is small businesses, making up over 98% of UK businesses –and a third of them are undecided on how to vote.

This is according to research from Sage, claiming that a good understanding of SME issues could sway the debate.

Sage president of Europe Brendan Flattery says that, as the lifeblood of the UK and some of the largest contributors to the global economy, they must take centre stage in the debate.

He said: “With such a large section of society still yet to make up its mind, the final result of the vote is impossible to guess and everything is still to play for. It is critical for both sides of the in/out divide to demonstrate an understanding of the issues that affect small businesses and offer solid data to support their arguments, in order to help businesses make the right decision. Ultimately, the side that does this successfully holds a powerful opportunity to determine the final outcome of the referendum.”