Those who travel to Europe may have noticed the exchange rate is not particularly appealing.
So, what has caused this decrease and it is worth travelling to Europe?
Brexit has been a contributor, but on Thursday 2nd October 2017 the Bank of England increases interest rates for the first time in a decade, from 0.25% to 0.5%, causing the pound to plummet making it the worst day of trading since the United Kingdom announced its intentions to leave the EU.
Following this, banks have announced another increase will not take place for some time but it is thought the pound may continue to decline over the next week or so.
Since Brexit, UK holidaymakers have noticed that it is more expensive to travel abroad. With this in mind, many Brits are deciding to holiday in the UK rather than spending money travelling to Europe – which is good news for the UK’s economy.
‘Staycations’ are quickly becoming the go to family holiday with Cornwall, Devon and Wales amongst the favourite destinations. Although, with holiday cottages in Cornwall costing up to £1,500 for a week in August, it is advisable to make sure you have the correct travel insurance cover in place.
If the pound continues to fall we could see more people book staycations as we enter 2018. What are your thoughts – has the fall of the pound put you off travelling to Europe?