Remember in, like, 2007 when you could go on holiday and your sweet, precious English pounds could stretch pretty damn far? Long gone are those days as the power of the pound continues to plummet. And bad news, folks, it’s likely to impact your holidays.
Since the chancellor Kwasi Kwarteng announced the mini-budget on Friday, the sterling has pretty much collapsed, with the pound worth less than the euro or dollar at many international bureaux de change.
Today the exchange rate at Change Group office at London St Pancras International valued the pound at less than 92 euro cents.
The low value of the pound against the euro and US dollar means bad news for British travellers – and not just if they’re visiting the USA or Europe. Many other big destinations, from Dubai to Barbados, have their currencies pegged to the dollar while others are locked into the euro. That means the pound will take you much less far in those places, with everything from food to accommodation now more expensive.
And just to make matters worse, UK airlines and travel firms could also be forced to push up their costs. If the value of the pound remains low then carriers like British Airways, easyJet, TUI and Jet2 will likely be increasing their prices.