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Hedging bets at high street exchanges

Wednesday, June 22, 2016 - 01:29

High street exchanges in the UK say more people are dashing to swap their pounds for euros and dollars ahead of the European Union referendum. Deborah Lutterbeck reports.

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It's the finals hours in Britain ahead of the European referendum. On Thursday voters will decide on whether to stay with the EU -- and some people are lining up at high street currency exchanges. (SOUNDBITE) (English) UBS BANK EMPLOYEE, MARK, SAYING: "My dad phoned me earlier. He's asked me to come round and get him some euros in anticipation of them [rates against sterling] dropping tomorrow, cause they're off to Spain for a week, so that's brought me here today." Most forecasters expect the pound will fall sharply if there is a vote to leave the EU on Thursday -- and that would weaken the spending power of British holidaymakers abroad. Britain's Post Office said overall currency sales in its branches and online were up 74 percent year-over -year since the weekend. (SOUNDBITE) (English) ACCOUNTANT, DAVID, SAYING: "I'm going on holiday end of August to America, I just want to get my cash now basically in case there is a 'Leave' vote and the pound does drop significantly, I thought it would be worth getting my dollars now. It's not a big transaction, but if the pound does collapse, then it may cost be a hundred quid [pounds], so I thought I'd get some cash now." Opinion polls show a deeply divided nation -- which explains why some people are hedging their bets.

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Hedging bets at high street exchanges

Wednesday, June 22, 2016 - 01:29