British holidaymakers will get more bang for their buck in Europe - as political turmoil on continent sends the Euro tumbling
The pound rose above €1.19 yesterday for the first time since August 2022 Rally came after Emmanuel Macron's decision to call snap elections in France A Brit changing £500 at €1.19 would get €595 compared to €530 in early 2020
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'.
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.
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 €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'.
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.
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'