New research released today reveals that since the UK’s vote to leave the European Union, currency fluctuations have caused business travellers to go an average of £49.17 over their assigned budgets.
While a quarter have managed to avoid exceeding their budgets, and 30 per cent had no budget set, 1 in 3 had exceeded their budget specifically because of fluctuating exchange rates since the referendum last year. Some exceeded their budgets by much more, with 15 per cent having surpassed their budgets by £100 or more, and 3 per cent by more than £500.
When asked what their biggest concern was now that the UK had voted to leave the EU, 17 per cent named unpredictable and fluctuating exchange rates. This was the second most cited concern, after having to apply for visas in EU countries. This has increased since the same question was asked last year just before the EU referendum took place. In March 2016, just 1 in 5 were worried about having to apply for visas, compared to 1 in 4 now, reflecting worries that no deal might be reached on visa free travel to the EU.
The research of business travellers who had been on business trips abroad in the last year also asked what aspects of business travel they disliked the most. Having to wake up early for flights was top of the list, ahead of being away from family and friends and waiting in airports. 12 per cent said that they disliked having to go through the process of claiming back expenses after their business trips.
The survey found that just 1 in 10 business travellers so not use their debit or credit card while abroad, and more than half do not make any transactions in cash at all. The average business traveller now takes the equivalent of just £277.30 in cash on their trips abroad.
Jennifer Conneely, board member of the DCC Forum, comments: “Although the UK government is still yet to formally trigger Article 50, uncertainty about what the position of Britain will be post-Brexit is already having an impact on business travellers. Volatility in exchange rates have caused business travellers to exceed their budgets and have become one of the biggest worries for those who have to head abroad regularly. Until the final details of Britain’s post-Brexit deal are clear, business travellers will continue to look for options that provide the most certainty when making payments abroad.”