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Scots heading to Europe this summer are being advised to swap their pounds for Euros before Boris Johnson gets into power.

It's expected the former Foreign Secretary will be elected leader of the Conservative Party later today.

Industry experts fear Sterling could plummet against the Euro if BoJo insists on pursuing a no deal Brexit.

The winner of the contest will be announced at around 11.45am today so holidaymakers are being urged to get in before then.

(Image: REUTERS)

In the long run those looking for a low-tax economy will be chuffed, however people looking to build up some foreign reserves may be less enthusiastic.

The pounds falling value in relation to the Euro and the US dollar means those planning a trip abroad could be out of pocket.

Traders in the currency markets are believed to be unimpressed by Johnson's 'do or die' attitude to Brexit.

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Michael Brown, a senior currency analyst at Caxton FX, speaking to the Daily Express , said: “There’s no certainty with the pound right now as it is especially vulnerable to the on-going political uncertainties and developments related to Brexit.

“It fell to a more than two-year low against the US Dollar earlier this week as markets began to once again price in the risk of a no-deal Brexit further to comments from Boris Johnson that the Irish backstop is ‘dead’, and reports that the suspension of Parliament to force through a no-deal Brexit was under consideration.

"With all this uncertainty, holidaymakers can hedge their bets and protect themselves from the on-going currency volatility against the pound by exchanging half their currency now, half later.

"That way, whether the rate goes up or down, they can benefit from a higher exchange rate on at least half the amount."

Since the UK voted to leave the European Union the pound has fallen by a huge 14 per cent against the Euro.

The current rate is £1 = €1.11.