New data released by travel money specialists No 1 Currency has revealed the full extent of the pound’s slide against the currencies of more than 50 of the world’s most popular holiday destinations, as well as a half-dozen ‘hotspots’ where Brits can still get the best bang for their buck.
Sterling has endured a rough ride on the currency markets over the last 12 months, and this week has been no exception, with the pound crashing to an all-time low against the US dollar after the bonanza of tax cuts and spending measures in Kwasi Kwarteng’s ‘mini budget’ announced on Friday 23 September.
Holidays, and property purchases, are now more expensive today than they were a year ago in 50 of the 56 most visited global destinations, according to the figures.
The cost of trips to tourist meccas like Disneyworld and Ayers Rock have jumped after the pound lost 27% of its value against the US greenback and nearly 13% against the Aussie dollar. This year £1,000 exchanged into US dollars will buy you $290 less than last year.
Meanwhile, short-haul trips to European favourites France, Spain and Portugal are getting more expensive, with sterling losing 5% against the euro amid soaring levels of UK Government debt and fears about a faltering economy.
But, according to No 1 Currency, it’s not all bad news for those planning a Christmas getaway or a holiday home purchase. In the last year, the pound has made gains in six destinations worldwide: Turkey (65%), Sri Lanka (44%), Argentina (17%), Hungary (9%), Japan (3%), and Sweden (3%).