UK holidaymakers profit as political turmoil

British holidaymakers will get more bang for their buck on the Continent this summer as political turmoil in Europe sends the single currency tumbling.

In a boost for millions of families planning trips abroad and football fans heading to the European Championships in Germany, the pound rose above €1.19 yesterday for the first time since August 2022. 

The latest rally came as Emmanuel Macron‘s shock decision to call snap elections in France continued to reverberate on global currency markets.

One City analyst said the move has left investors ‘on edge’ while another warned of ‘euro carnage’. 

In a boost for football fans heading to the European Championships in Germany, the pound rose above €1.19 yesterday for the first time since August 2022. Pictured: England fans at the UEFA 2020 Championship

The latest rally came as Emmanuel Macron ‘s shock decision to call snap elections in France continued to reverberate on global currency markets

A British tourist changing £500 at €1.19 would get €595 compared with the €575 they would have got a year ago and €530 in early 2020 after Covid-19 struck.

A €5 beer would now cost £4.20 compared with £4.35 a year ago while a family meal of €75 would be £63 instead of £65.

Foreign exchange experts at the Post Office said ‘rising rates for sterling mean holidaymakers can look forward to getting more for their money in the majority of holiday destinations this year’.

Analysts said rising rates for sterling mean holidaymakers can look forward to ‘getting more for their money in the majority of holiday destinations this year’ 

Head of travel money at the Post Office Laura Plunkett said: ‘Sterling’s current buoyancy provides a great incentive for Britons considering trips abroad in the coming months.’

Meanwhile, Mark Dowding of BlueBay Asset Management said the snap elections have triggered ‘euro carnage’ and made the currency look more risky.