The New Year has brought good news to those British holiday makers who have been avoiding Europe due to the poor Sterling – Euro rate. Previous exchange rates have made holidaying in our European countries an expensive option. The good news is that the pound has now hit a fifteen month high with one pound now being worth one Euro twenty one. This is the strongest that it has been for many months and is great news for the UK because despite the talk of a potential hung parliament in the United Kingdom, the sterling has not found itself in difficulty against the Euro. The Euro sceptics are rubbing their hands with glee at this turn in events!
This is actually excellent news all round anyway, because countries who have the Euro as their currency have really struggled with a lack of tourism and desperately need British holiday makers to boost their economies. The ongoing crisis in Europe has strengthened the pound, offering great benefits to the British travellers.
The current exchange rate means that holidaymakers who go to European countries that use the Euro will get an additional 19 percent for their money which equates to around ninety five pounds extra money for every five hundred pounds worth bought.
Welcome news indeed for those who want to go away but are still feeling the pinch after an expensive festive period. Hotels, food and drink, clothes and travel are all now considerably less expensive making it easier for families and business travellers alike.
Statistically the number of holiday makers who have travelled to Spain increased by nearly nine percent last year and the cost of resorts have remained stable. Spain offers good value for money and is ahead of other European countries in this area. Other Spanish resorts such as the Balearic Islands also look as if they can compete with the Euro zone countries by offering travellers great value in exchange for the money they spend. Greece on the other hand is more expensive, almost twice so for the same things in Spain. Given the economic crisis there, it could be that they will be forced to cut costs to draw in holiday makers and boost their economy that way. It is expected that Portugal will follow as they gain a great deal of money from holiday makers.
As always the usual tips apply when exchanging foreign currency. Shop around and avoid exchanging money at the airport or ferry terminal as you will get a much worse rate, despite the improved Pound to Euro exchange rate.