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Pound still struggling in Europe

Pound coin and 1 Euro coin25/02/13

By Tim Groves

Brits are having to prepare themselves for the fact that their holiday money will not go as far as they might have hoped as the Pound continues to struggle.

The Post Office has reported that Sterling is now at its lowest level this year against every major European currency except the Icelandic krona and the UK currency has plummeted against the Bulgarian lev, Swedish krona and Swiss franc in particular.

The Pound is worth eight per cent less than it was in January against the Euro and the situation is not much better if you are travelling to the US or the Caribbean but Andrew Brown from Post Office Travel Money says it isn't all bad news.

While it may have become more expensive for people to visit Europe, he insists that "there are many destinations where they can get more for their money than a year ago".

The strength of the pound has increased against 12 long-haul destination currencies. It is 14 per cent stronger than a year ago in Japan and has also improved against the Brazilian Real and the Argentinian Peso.

British travellers can also get 11 per cent more Rand than they would have been able to a year ago in South Africa and Sri Lanka is another destination that currently represents good value for UK tourists.

Mr Brown also added that the plight of the Pound may be positive news for anyone who may happen to be "hoarding leftover foreign currency" at home after previous trips abroad.

He says that they "could find they will get more pounds in their pocket" now if they choose to take it in and exchange it rather than keep it in a safe place ready for their next trip overseas.

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