Pound’s seven-year high ‘good news’ for holidaymakers

The last few years have posed some difficult times for the travel industry, with holidaymakers reluctant to splash out on luxuries following the reces…

The last few years have posed some difficult times for the travel industry, with holidaymakers reluctant to splash out on luxuries following the recession.

There have been many reports of how the economy is now on the right track and the current recovery is showing little chance of being derailed, but if you are to believe the Labour Party at least, there is still a very real cost of living crisis taking place across the country.

However, the continued turmoil in the eurozone is meaning that, for keen holidaymakers at least, the pound is stretching further than it has done for some time.

Pound sterling is now at a seven-year high compared to the single currency, mirroring the more stable recovery that has taken place in the UK in contrast to some of our European neighbours.

The result is that anyone heading on a trip abroad who exchanges £500 of spending money will receive the equivalent of £47 more back than they would have done a year ago. With this in mind, holidaymakers who will not be jetting off for as long as six months are rushing to the Bureau de Change to take advantage of the value in the market.

David Swann from Travelex told the Daily Express that the trend represents a more than welcome bit of news for Brits, who have been hugely reluctant to shell out on luxuries in recent times, amid worries over personal finance and in many cases debt management.

He explained: "We can see from the increase in sales of euro that many Brits are stocking up on the currency in order to take advantage.

"This is a well-timed morale boost for Britons, especially those planning their next break."

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