British holidaymakers traveling to the US will feel the pinch this summer after the value of the pound plunged to its lowest non-pandemic level in nearly four decades
- The pound fell below $1.20 this month, 14% lower than a year ago
- The crisis marks the lowest level, except the decline during the pandemic, since 1985
- This means that things such as restaurant meals and tourist attractions will be more expensive.
Vacationers heading to the United States will feel the pinch this summer after the value of the pound plummets.
The pound has fallen below $1.20 this month, 14% lower than a year ago and – unless the pandemic unravels further – its lowest level since 1985.
The painful exchange rate comes as many are desperate to take a long break for the first time since lockdown restrictions were lifted, despite impending strikes and ongoing airport chaos.
This means that everyday items, restaurant meals and tourist attractions will be much more expensive.
The most basic ten-day pass for two adults and two children to Disney World in Florida will cost almost £200 more this summer. Tickets now cost the equivalent of £1,859 in dollars compared to £1,650 at last year’s rate.
A four-night stay for two in a romantic New York hotel will cost around £100 more.
Holidaymakers heading to the United States will feel the pinch this summer after the value of the pound plunged, meaning costs will skyrocket for visiting Britons. Pictured: Disney World, Florida
Four nights at the Moxy NYC Chelsea boutique in July will cost £832 – but would have cost £738 at last year’s sterling rate.
The cost of other basics typical of a New York holiday – including a bottle of beer, a cup of filter coffee, sunscreen and a three-course dinner with a bottle of house wine – would cost £120 compared to around £105 £ last year.
Nick Boden, head of Post Office Travel Money, said: ‘Sterling’s decline in value makes it even more important for people planning trips to consider the costs they will face at overseas resorts before crossing over. the step and book a vacation.
“As they assess the cost of flights and accommodation or packages, they will also need to watch what is happening with the pound as it will make a huge difference to the overall cost of their holiday.”
A study by comparison website Compare The Market reveals that eight in ten Britons admit the cost of living crisis has affected their holiday plans.
Inflation has soared to over 9% as the cost of energy and daily consumer goods has skyrocketed in recent months. Compare The Market’s survey of over 2,000 people also found that seven out of ten people were already reducing their daily expenses in order to save enough money to leave.
The painful exchange rate comes as many are desperate to take a break for the first time since lockdown restrictions were lifted, despite the ongoing airport chaos. Pictured: New York
Alex Hasty, Commercial Director at Compare The Market, said: “Many of us have made sacrifices to ensure we can afford a vacation this year. Holidays are a big expense, with our research showing the average trip costs £1,074 per person.
Mr Hasty added: “Many holidaymakers have experienced disruption in recent weeks as the travel industry reopens following the pandemic. And many people risk not buying insurance far enough in advance, leaving them unprotected against disruptions such as early flight cancellations.