Pound falls to lowest level since March 2017 over 'no deal' Brexit threat

It's not the first time Boris' actions have crashed the pound

The pound has fallen to its lowest level against the dollar since March 2017 as the new Government takes a harder line on 'no-deal' Brexit .

Johnson's Government said it now assumed there would be a no-deal Brexit because a "stubborn" European Union was refusing to renegotiate their divorce.

Johnson said he has told EU leaders he will sit down for Brexit talks when they indicate that they are ready to shift position on the divorce deal, otherwise Britain will prepare for leaving without an agreement, his spokeswoman said.

Sterling responded by sinking to a 28-month low of $1.2301. Against the euro, it was down 0.54 per cent to €1.1070.

Nigel Green, founder of deVere Group, said: “Brexit has been a hammer-blow to the pound and this has been exacerbated by Boris Johnson becoming Prime Minister"

Worryingly for holidaymakers, experts have said it could still have further to fall.

Rupert Thompson, head of research at Kingswood, said: "A no deal exit and/or a general election are looking increasingly possible/probable and unsurprisingly have led to sterling sliding further and UK equities continuing their underperformance.

"Both trends could well have further to run even though the UK currency and stock market are both looking increasingly cheap."

The good news is that there are ways to take get hold of travel money now to use later on - protecting you against further falls.

Louis Bridger, head of currency exchange firm ICE , said: “If you do choose to purchase now there are a range of ways you can ensure you’re getting the most for your money."

Here are three of the simplest:

Prepaid cards - Firstly, pre-paid currency cards . These let you load money on now in your preferred currency and then use overseas to get cash out or pay for things in shops with no fees.

Crucially, they also let you lock in today's exchange rate for use later at no cost. Some of the new travel cards, such as Revolut, also let you do this.

"If you use a prepaid card you can load your currency as you go, guaranteeing a fixed rate and protecting you from currency fluctuations," Bridger said.

Another tactic is to load up a special card with foreign currency and use this to pay instead of a debit or credit card. Weswap is a good example of this.

Pay up-front now - Secondly, book now from a local provider. Booking a villa, a hotel or trips on your chosen holiday now and paying in euros (although check the rates aren't bumped up for people paying from overseas, and there are no currency charges first) could be worth considering.

The risk here is that there could be a problem between now and then and you might not be able to get your money back later.

Cash in advance - Thirdly, change your money now. Check to see who's cheapest then swap pounds for euros right away, then keep them safe until your holiday.

One rule above all others here – don't buy your currency at the airport . Order online from the likes of Travelex and pick up at the airport if it's hard to get cash in advance or head to a specialist service. These are frequently cheaper than the big high-street brands like the Post Office or M&S.

"Opt for convenience and security by shopping for your travel money at home using a click and collect or home delivery service and avoid buying at airports where fees are much higher,” Bridger said.

There are also an increasing number of free cash machines in major cities that let you take money out in euros or pounds. These frequently offer rates almost as good as the best providers you can find, but in a super-convenient way and with no charges or commission.