HOLIDAYS for Brits are going to be more expensive now after the value of the pound dropped during lockdown.
In February, £1 was worth €1.18, but it's since dropped by ten pence to €1.08 and on Tuesday it was €1.09 to every pound.
⚠️ Read our coronavirus live blog for the latest news & updates
This means that Brits will get £42 less on every £500 they exchange into euros this summer.
Experts have blamed the fall in the pound against the euro down to the coronavirus outbreak and uncertainty around Brexit negotiations.
On Brexit day, January 31, the pound strengthened in value against the dollar and the euro.
£1 would buy you about €1.19 and $1.31.
But then, a month and a half later on March 18, the day Prime Minister Boris Johnson announced schools would close to stop the spread of coronavirus, it crashed down to just €1.09.
A day before, the pound has crashed to its lowest level against the US dollar since 1985.
While it's been steady over the last few months, we're yet to see it improve since before lockdown.
Lee McDarby, of currency firm Moneycorp, told the MailOnline: "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."
On Friday, as the markets closed, £1 could buy you €1.11.
The Sun has calculated the cheapest holidays for Brits to take this summer as lockdown lifts.
Spain’s Costa del Sol is the best value for an average day out costing around £102.
The Post Office meanwhile has started offering travel money again as Brits look to book post-lockdown holidays abroad.
And here are the cheapest holidays on the quarantine-free air bridges countries list.
Source: Read Full Article
