Sterling Peak is Good News for British Holidaymakers

The recent fall of the euro has caused misery across the Eurozone, but one unwitting beneficiary has emerged: Britain’s holidaymakers.

With sterling soaring ahead of the euro and other currencies, Britons look set to get a little more bang for their buck than they might have expected.

Sterling Peaks

Last week, forex investors and commentators saw the pound peak at 1.42 euros. This marked a dramatic 18 per cent increase in the space of a single year.

The euro’s fall follows on the back of trouble in the Eurozone. With the Greek problem still on-going, investor faith in the euro has been rocked, and this has taken a severe toll on the single currency.

The fortunes of the pound have taken a different turn. With the UK economy showing strong signs of growth, sterling is on the up, leaving its European counterparts trailing behind it.

The Beneficiaries

This rise has proved very fortunate for British tourists, who now look set to see their money go a lot further than they might have expected.

According to Asda Money’s Karen Harkin: “It means holidaymakers are getting more bang for their buck when buying their foreign currency; great news for families planning to head away this Easter.”

Sterling has not just overtaken the euro and its other European counterparts; it has surged ahead of currencies across the globe – an encouraging omen for those setting their sights a little further abroad too.

Spencer Groves, the Head of Product and Marketing for destination specialist letsgo2.com explains: “We anticipate that the fall in the value of the euro might start to impact on non-Eurozone countries, with families looking to the Med for the best deals. From May to September, the Caribbean also offers superb value and families can benefit from prices up to 45 per cent lower than during peak season.”

Cashing In

This fortuitous trend hasn’t been wasted on Britain’s denizens; the latest statistics indicate that UK citizens have been rushing to cash in on this week’s rates, with more than twice as many people buying euros now compared to the same time last year. The average order value has also risen by more than 20 per cent, from £857 to £1,035.

It’s no surprise that people are taking advantage of this twist in fortunes. Britons last year spent an average of £512 on European holidays. However, as Centtrip’s Brian Jamieson explains: “To have the same level of spending money today, you only need to spend around £419 – that’s a saving of £93.”

Britons, it’s time to book your summer holidays.