A month ago everyone was talking about the strength of the pound and how it would ensure a great summer season in Majorca. Tourists would have more cash to spend thanks to a favourable rate of cash. The pound tumbled when London mayor, Boris Johnson, announced that he would be joining the “breakaway group.” Boris's move meant that London became a cheaper holiday destination but all of a sudden Majorca became expensive again. Thanks! Unfortunately, from now until June we can look forward to a long period of political unstability. While I agree that we should have a referendum on Britain's European Union membership, I worry about the economic backlash. Britain appeared to be sailing along quite nicely with strong economic growth and a good rate of the exchange against the single currency. But in the space of five days everything has changed. Now, politicians will be quick to say that it is just a short-term fall but tell that to people who have saved up for months for their holiday in the summer and now they discover that their pound is worth considerably less than it was a month ago. And the economic fallout, I suspect, will continue right up until the referendum in June. Lets face it. The chances of Britain leaving the European Union are slim. Labour is backing the European Union and so is the SNP and the Liberal Democrats. The Conservatives are divided over Europe but we shouldn't all have to pay for it.
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