British holidaymakers will enjoy the cheapest summer in Europe for years after the value of the pound rose “remarkably” against the euro.
Sterling hit just under s1.44, meaning that travellers who set out after many schools break up for the summer today will be able to exchange £500 for s696; 132 more than two years ago.
It is the pound’s highest level since November 2007 and up 15 per cent compared with this time last year, with analysts predicting that it could soar to s1.5.
Experts said it may spell the end of summer “staycations” following the recession and lead to an increase in overseas trips.
“It is undoubtedly, in a pure financial sense, one of the best times ever to go across to Europe since the euro has existed,” said Guy Anker of MoneySavingExpert.com.
“In December 2008 the pound was close to parity with the euro and at that stage some of the worst bureaux de change were offering less than a pound.
“It wasn’t the norm but that’s how bad it got and it’s a remarkable turnaround.”
Andrew Brown, of Post Office Travel Money, said it was “great news” for anyone going abroad.
“In the last couple of years we have seen a steady rise in overseas travel,” he said.