Cheaper summer holidays for Brits as euro hits lowest rate for four years

PA

There's good news for Britons travelling to Europe this summer, as the euro has hit its lowest rate for four years.

The exchange rate is 1.23 euros for every £1 meaning families will have an extra £52 to spend on holiday compared with last year.

Britons changing £500 will see their money stretch further in holiday destinations like Spain, Majorca and Corfu.

Last year the rate was 1.04 euros against £1 and this year's strong pound means Eastern European destinations are also looking attractive with more money for you to spend in Hungary, Poland and the Czech Republic.

Head of Travel Money at Post Office Andrew Brown said: 'Sterling's growing strength is great news for families heading abroad during the school holidays to avoid the washout weather in the UK.

'The sterling gain extends to other European currencies too, which means that families travelling to the Continent in the coming weeks can cash in on some great value.

'However, while there are few places where the pound is not packing a stronger punch, our advice to people who have yet to book is to keep a close eye on exchange rates for all the destinations they are considering to see where they will get the most for their money.'

Brits heading to America, Dubai and Egypt will lose out the most with nearly £40 lost on changing £500 in Dubai, £21 in the States and £8 in Egypt.

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