British Pound 'Buying Less Than A Euro': The Fall of The British Currency?
If you're about to travel Europe on 1p Ryanair flights, please don't wait until getting to the airport to change your travel money.
According to currency exchange specialist FairFX, the average UK airport rate for £200 is now just hovering at € 1.037, barely over £1. The sterling has already fallen below the euro at 3 airports across the country. At Birmingham and Liverpool Airport's Travelex, customers changing £200 are getting a mere €197.13, while at London Luton, the ICE bureau de exchange is giving 'value for money' at €199.63 for £200, translating to an exchange rate of €0.986 per £1 at Birmingham and Liverpool and €0.998 at Luton.
And this isn't only for airports; high street chains are also not doing very favourable rates. The pound has fallen substantially against the euro since the start of December, dropping 8% from market rates of €1.211 on Friday 28 November to €1.115 on Friday, losing 3.5% against the euro in just the past week alone, with the average tourist selling £1 for a mere €1.08, according to currency specialists Onlinefx. This is a big drop from last December, where £1 bought about €1.39. I'm just glad I don't have any European holidays booked! (but the pound to US dollar isn't looking fantastic either):
Could we be looking at a 'dollar parity' before this currency crisis stops? Could we end up adopting the Euro, and how would all this affect business and economy in our country in terms of imports, inflation and consumer spending? If you have tips to share on getting better rates, please put them in the comments below also. Your best suggestions and tips will be featured in an upcoming article on 'How to Get the Best Travel Exchange Rates'.