Weak pound will make holiday hotspots more expensive

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Weak pound will make holiday hotspots more expensive as Britons now get £42 less for every £500 they exchange for euros compared to before lockdown

  • UK’s struggle with coronavirus and Brexit uncertainty has weakened the pound
  • The value of the pound peaked in February amid snowballing confidence
  • The coronavirus pandemic saw the pound fall by more than 11 per cent

By Amelia Murray Money Mail Reporter For The Daily Mail

Published: | Updated:

Holidaymakers travelling to Europe’s top tourist destinations will have less spending money than before lockdown.

Britons will now get £42 less on every £500 they exchange into euros this summer, compared with February.

The price of holiday staples like beer and coffee have also increased for Britons. 

Experts have put the fall in the pound against the euro down to Britain’s struggle against coronavirus, and uncertainty around Brexit negotiations.

Britons will now get £42 less on every £500 they exchange into euros this summer, compared with February, making Europe’s top tourist destinations more expensive for British holidaymakers

The value of the pound peaked in February amid snowballing confidence following last year’s general election win for the Conservatives. 

But the pandemic saw markets crash, with the pound tumbling more than 11 per cent.

In mid-February, before lockdown, £1 was worth 1.18 euros. 

Yet this fell to 1.04 when social distancing regulations were introduced, before steadying at 1.08. 

Lee McDarby, of currency firm Moneycorp, said: ‘The fluctuation in the value of the pound against the euro can be attributed to a number of factors, including countries’ adaptation to lockdown and restrictions, as well as political factors such as Brexit negotiations.’

The value of the pound has also fallen 6.5 per cent against the Croatian kuna and 7.8 percent against the Bulgarian lev. 

This equates to almost £35 less spending for British tourists in Croatia and £43 for them in Bulgaria, based on £500 exchanged.

In contrast, families could get more for their money in Turkey following a 4.5 per cent rise in the pound against the lira.

This would give British tourists an extra £21 for every £500 they exchange.