Holidaymakers spending boost as Pound nears 12-month high against Euro

Holidaymakers who do manage to jet to Europe this summer look set to get better value – despite uproar over UK government moves to strip popular resorts of their quarantine-free green status.

Transport secretary Grant Shapps sent the travel plans of many into a tailspin when he announced the Balearic Islands of Majorca, Menorca, Formentera and Ibiza was being downgraded to the amber category.

Some experts feared the move would shatter confidence causing the pound to plunge against the European Single Currency.

However, Sterling has bounced back against the Euro with UK holidaymakers set to reap the best exchange rates for months.

Ian Strafford-Taylor, chief executive at travel money specialist FairFX, said: “Yesterday’s news that Ibiza, Majorca and Menorca will be moved to the amber list from Monday will no doubt be a huge blow to holidaymakers who are yet to be fully vaccinated as this means they’ll now be required to isolate for 10 days on their return to the UK.

“Although new rules around quarantine for vaccinated Brits allows more flexibility, the constant flip flopping of destinations coming on and off the green list will do little to provide the certainty consumers want when booking a trip abroad.

“Despite these changes, the pound appears to be weathering the storm and remains strong.

“This morning, it’s within touching distance of hitting 1.17 and returning to the highest rate we’ve seen in the last 12 months. With the continued success of the vaccine rollout, there’s still hope that Brits could get the holiday they’ve been hoping for.

“So for those looking to travel overseas this summer, monitoring the latest travel news and locking in exchange rates while they’re high will ensure they get more for their money.”

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