Sterling has recovered from the falls of recent days on the day after the General Election.
UK foreign exchange house Post Office Travel Money reports that the pound has gained ground against all 40 of its top selling currencies.
As a result, holidaymakers planning trips overseas can expect to have 13 per cent more euro for their pounds than a year ago.
Sterling is now worth more year-on-year in 22 of the Post Office 40 bestsellers while it has rallied against the US dollar and other currencies like the UAE dirham, Barbados dollar and East Caribbean dollar that float with it.
The pound is now worth 8.6 per cent less than a year ago against these currencies rather than almost 12 per cent less earlier in the week.
Andrew Brown of Post Office Travel Money said: “Sterling has already bounced back to its highest rate against the euro for 10 days with an even bigger gain against the US dollar. Historically, sterling has always stabilised after pre-election market dips and that is what has happened here. It spells good news for UK holidaymakers hoping to take advantage of the weakness of the euro and other European currencies when they take holidays in Europe this summer.”
Meanwhile, with the Conservatives certain of a majority, ABTA has urged the new government to make good on its pre-election promises affecting the travel industry.
“With the election behind us, the new Government’s travel and tourism in-tray is full,” said Stephen D’Alfonso, the organisation’s head of Public Affairs.
“A decision on airport capacity is urgently needed – and planning must roll-on in this Parliament. The Conservatives have pledged to respond to the work of the Airports Commission. Air Passenger Duty continues to be amongst the biggest competitive barriers facing UK businesses, and with the prospect of a reduced APD in Scotland, serious consideration must be given to a fair and balanced approach to this damaging tax. Significant regulatory changes are also on their way, with the implementation of the Package Travel Directive.
ABTA is looking forward to engaging with the new Government to deliver the policy and tax framework the industry needs to grow. ABTA has engaged with all candidates during this election campaign through our #ValueTourism work, and 30 MPs elected yesterday will enter Parliament as ‘Tourism Advocates’ – a great result for our industry.
“Today signals the end of the election, but the business of influencing the next Parliament is only just beginning.”
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