Crashing pound leaves Brits facing a squeeze on holiday spends

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Millions of Brits will be jetting off this summer in search of sun and sandy beaches.

But a drop in the pound means that their hard-earned cash won’t go as far as it has done in previous years.

Boris Johnson’s arrival in No 10 Downing Street has increased fears that the UK could crash out of the EU without a deal, causing the pound to plummet.

Sterling is at its lowest level in two years, following hardline comments from Mr Johnson and his Government colleagues that they are preparing for no-deal.

Crashing pound leaves Brits facing a squeeze on holiday spends

STEEP: Brits will pay more for food and drink on holiday (Pic: GETTY)

“The pound has been falling against the euro every year since the referendum — it is now worth around 15% less than before the vote”

Nigel Green

Lower exchange rates will see Brits get less Euro in return for their Sterling, meaning that they will essentially have to fork out more for meals and booze in holiday hotspots across Europe.

The pound dropped to €1.19 yesterday, according to Pound Sterling Live, which is the lowest figure since €1.18 of August 2017.

The exchange rates slump comes just days after a currency analyst told Daily Star Online that Brit holidaymakers should buy their holiday money quickly.

Nigel Green, founder and CEO of financial advisory firm deVere Group, said the falling pound will have an impact on holidaymakers wherever they travel.

Crashing pound leaves Brits facing a squeeze on holiday spends

NO-DEAL: Increasing fears of the UK leaving without an agreement sent pound plummeting (Pic: GETTY)

He explained: “The pound has been falling against the euro every year since the referendum — it is now worth around 15% less than before the vote.

“It’s not just those visiting the Eurozone who are in for a shock either. Overall, the pound is the worst-performing major currency in the last three months, meaning almost every destination is now more expensive than it was for Brits.”

Writing for the Sunday Times at the weekend, Cabinet minister Michael Gove warned that a “no-deal is now a very real prospect”.

Meanwhile, new Foreign Secretary Dominic Raab said that the only way for a deal to be achieved was if the EU changed its position.

Chancellor Sajid Javid also pledged extra funding for Border Force as no-deal plans were ramped up.

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