Holiday costs rise post-Brexit

 

Before the Referendum, Asda Money carried out a survey which showed that on average British families spend £1310 on their summer holidays, including spending money.

At the same time David Cameron was warning that a vote for Brexit could add £230 to that cost. He predicted that the pound could fall by 12%.  Predictably, Leave campaigners claimed he was scaremongering.

Both were wrong. The cost of a family holiday has increased since June by almost £300, as a result of the pound falling by 16% against the dollar and by 23% against the euro.

Tim Farron has this to say:

For some families, this will make a holiday abroad unaffordable this year. This problem is not helped by the failure of Theresa May to say whether she wants Britain to remain in the Single Market or not.

I call on her to make clear that she thinks Britain should remain part of the world’s most lucrative market and not tie British industry up in endless red tape when it tries to export. Such an announcement will reassure markets. It will also help people who have worked hard all year enjoy a well-earned week or two in the sun.

* Mary Reid is a contributing editor on Lib Dem Voice.

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5 Comments

  • Paul Murray 15th Aug '16 - 2:30pm

    @petermartin2001 – as you point out the numbers do not work if we use June 23rd as the date of this comparison. However to be fair, last summer the pound was indeed worth about 23% more against the Euro than it is today. On July 17th 2015 the pound was trading at €1.44 compared with €1.15 today so you get 80% of the Euros for the same number of pounds. So that is the impact that summer tourists will see. I chose that date as it was the highest value the pound achieved throughout the summer – by August 10th it had dropped to €1.40 – which presumably is why it appears in the numbers being quoted above. But it is certainly not a fall “since June” as the article states.

    Of course this is nothing new. For example On July 15th 2013 the pound was worth €1.15 – i.e. the exact same as today. Whereas by the following summer things had improved as the pound was worth €1.26 on 14th July 2014. Last summer was something of an outlier as the pound was worth €1.43 on July 13th 2015.

    Based on the very high volatility indicates by the numbers above, exchange rate volatility is something that should come as no surprise to regular tourists to the Eurozone.

  • The Pound was much higher around Christmas. The Brexit result was a surprise but this wasnt like 9-11, the fact that there would be a referendum was known a long time in advance. Unfortunately our trade policy is now in the hands of a trio who dont have a clue what they are doing.

  • Stevan Rose 15th Aug '16 - 9:42pm

    Holiday in England, Wales, Scotland, Northern Ireland, the Channel Islands, the Isle of Man, or Gibraltar. Simples.

    When you factor in £0 difference for holidays in the Sterling area, I think you’ll find the average increase per family is a lot lower.

    Current rates against the Euro are about average or just above for 2008-2013 when at one point it went to 1.02. There was no talk of Brexit back then.

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