Newspaper article The Evening Standard (London, England)

Cost of Brexit: PS200 on Holiday Abroad; Fall in Pound Hits Family Spending 'Go All-Inclusive to Avoid Brexit Bill'

Newspaper article The Evening Standard (London, England)

Cost of Brexit: PS200 on Holiday Abroad; Fall in Pound Hits Family Spending 'Go All-Inclusive to Avoid Brexit Bill'

Article excerpt

Byline: Nicholas Cecil and Jonathan Prynn

MILLIONS of families are set to be hit with a summer holiday "Brexit blow" of more than PS200 following the slump in the value of the pound, it was revealed today.

Sterling's 10 per cent fall against the euro since the referendum will saddle families with a significant rise in the cost of their holidays in Spain, France, Italy, Greece and other European hotspots. Britain's currency is also sharply down against the dollar resulting in more expensive holidays in America. The average spending money people expect to get through on their summer Continued on Page 2 Continued from Page 1 break this year is PS513 per person, according to research by price comparison site TravelSupermarket or just over PS2,050 for a family of four. This would have bought them ?2,685 when the pound was worth ?1.31 on the day of the June 23 referendum.

But with one pound buying just above ?1.17 this morning, the cost of the equivalent amount of spending money was some PS2,290 over PS200 more than two weeks ago.

Separate analysis from travel money firm FairFX suggests that the extra "Brexit bill" could be as much as PS394.58 for a family of four travelling to France for a fortnight and staying in a three-star hotel.

In slightly cheaper Spain the extra cost would be PS342.17, they calculate. The estimates were derived from data provided by cost of living website Numbeo and travel company Lonely Planet.

Former consumer minister Gareth Thomas, Labour MP for Harrow West, said: "This is one of the first direct financial consequences of the Brexit vote. People might be tempted to send a postcard to Nigel Farage, saying: 'Thank you for whacking up the cost of our summer holiday'."

Wimbledon Conservative MP Stephen Hammond added: "A lot of people will now be reflecting that the supposed fear stories are now reality. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.