Pound drops even deeper against the Euro
In trading today the Pound dropped it’s lowest in all time against the Euro, with that last week you could get 1 Pound to the Euro, yet it has dropped even further to the lowest that has ever been recorded. Many people in the UK with have to re think about travel abroad this year and next as the Pound is so weak that you stand to lose a lot of money compared to last year and the year before that.
At the high points of the booming economy you used to be able to get 1 Euro 66 cents, but now you would be lucky to find a exchange rate that would give you the equivalent of a Pound for a Euro. Now if you wanted to change up you pounds to Euros, you would likely get around 96 Euros to a 100 pound, making it a disastrous time for holiday makers and in deed the countries that rely on tourism.
Tourism is at record lows as many people either just cannot afford to jet off due to struggling times in the economy. Or they will just simply lose so much money on the exchange rate, as many more people would end up paying up to 33% more then they did in the boom days. Because of such a decline in the Pounds strength it’s not only effecting holiday makers it’s also having a massive effect on airlines and airports with record losses this year through out the holiday sector, with one of the most recent casualties being XL, who simply could not survive the fall in travel and competition from other airline companies.
Not only does the companies in this country suffer but it would effect all other counties as well, not just the airlines but small villages and countries who survive on tourism. Many think that this is going to have such a damning effect on the way people travel in this country, and for the next few years many Brits will be holidaying in caravans and camping areas rather then hotels and villas.
