Now is probably a good time to go on vacation to the U.K.


Any Minnesotans thinking of taking a trip to the U.K. should start booking.

That's because the U.K. on Thursday voted by a percentage of 52-48 to leave the European Union (E.U.), which in turn sent the value of the pound sterling plunging against the dollar.

British Prime Minister David Cameron announced on Friday he would step down this coming October in the wake of the result, the BBC reports.

At one point on Thursday as it looked like the country would vote to stay in the E.U., £1 was worth $1.50, but as a number of shock results showing wins for the "Leave" campaign rolled in, the value of sterling plummeted.

Friday morning, according to This is Money, the pound hit a 30-year low at just $1.33, though it has since recovered marginally to $1.37.

Exchanging $1,000 at the current rate would get you £728. At times last night it would only have got you $666, according to FXTop.

Commentators suggest the currency won't recover to strong levels any time soon, so Americans hopping across the pond will get more bang for their buck, with the price of hotels, food, drink and entertainment becoming suddenly more affordable.

Stock markets down on Brexit

Global investment markets tanked in the wake of the surprise victory for "Leave," with USA Today reporting Japan's Nikkei 225 dropped 7.9 percent, London's FTSE 100 slid 10.1 percent, and Germany's DAX and France's CAC 40 fell 7 and 8.1 percent respectively.

American markets are braced for a big hit when they open later on Friday morning, and Federal Reserve chair Janet Yellen said earlier this week that a Brexit (British Exit) could have major implications for global markets including the U.S.'s going forward.

Unsurprisingly the commodity that has benefited the most from the Brexit is gold, which is a popular "buy" as a hedge against economic uncertainty.

Bloomberg reports it soared to its highest level in more than two years in sterling terms, surging by more than 8 percent. The gains are more modest in dollars, with physical gold climbing 4.7 percent to $1,316.05 an ounce.

Britain's exit from the E.U. is primarily a decision made by older voters, judging by a breakdown of Thursday's referendum results.

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