They will have bought their foreign currency with sterling, our internationally recognised British currency, at favourable exchange rates and in their wallets will be sterling notes as additional funds.
Their credit cards, issued by UK banks, building societies and other agencies will pay for meals and services and enable them to withdraw cash from ATMs. Their credit cards’ interest rates will have been determined, not by international money markets, but by a base rate set by the UK’s bank of last resort, the Bank of England.
Should serious misfortune, accident or injury befall them, they are safe in the knowledge that, wherever in the world they may be, they will have recourse to more than 180 British embassies, staffed by experienced diplomats and officials, to assist them and even repatriate them.
All this is often taken for granted. Why then should we exchange security for the uncertainty of a totally untried system? It makes sense to stick with what we know and trust. We’re better remaining together.
Stuart Smith, Helensburgh