Long queues formed outside currency exchange bureaus today as Londoners rushed to sell sterling over fears that the currency could plummet in the aftermath of a Brexit vote to leave the EU.
The Financial Times reported that the scenes brought back memories of when customers formed queues outside Northern Rock branches before its collapse in 2007.
When asked what was behind the demand, Daniel Priori, International Currency Exchange kiosk at Waterloo station, said the majority of people were changing pounds to euros, “Because they are scared about tomorrow.”
Having gained ground since last week over expectations that voters would choose to remain in the EU, the potential fall that would await sterling if Brits instead chose to Brexit would be colossal.
The Post Office also revealed that “sales of foreign currency were nearly four times higher than the same date last year, while sales in branches were nearly 49 per cent higher.”
Zero Hedge compared the long lines to images from other countries showing citizens queuing up to obtain “hard currency,” but also noted that, “not everyone is terrified of the inevitable collapse in sterling in case of Brexit (which is what the Scaremongering campaign is all about). Some just want some vacation money.”
While the polls show that ‘Vote Remain’ and ‘Vote Leave’ are virtually tied, bookmakers are still strongly indicating that the most likely outcome will be that Britain remains in the EU.
However, although wealthy elitists are placing large bets on ‘Vote Remain’, the greatest number of individual bets have been placed on ‘Vote Leave’, suggesting that monied interests could be trying to sway the vote by making a ‘Vote Remain’ victory seem inevitable.
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