Halifax Travel Insurance: Brits losing purchasing power

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Halifax Travel Insurance: Brits losing purchasing power

Fri 24th Feb 2006

It has been reported by Halifax Travel Insurance today that Britons abroad are losing their purchasing power – meaning that the value of the pound when exchanged for foreign currencies is decreasing.

The bank's insurance division claims that British tourists' purchasing power has gone down by a level of 16 per cent in four years.

Citing the World Cup in Germany in 2006 as an example, the research shows that football fans travelling there will have to take 13 per cent more money than they would have in 2002.

Tourists holidaying in Spain will have seen their purchasing power decrease by 16 per cent in four years and those travelling to Italy will see a 14 per cent deflation in the value of their cash over the same period.

Vicky Emmott of Halifax Travel Insurance advised that, as well as the cost of their travel and accommodation, holidaymakers consider the price of goods and services at their chosen holiday destination.

"Holidaymakers should check the newspapers to see how the pound is performing against other currencies," she suggested.

Halifax Travel Insurance is available with a five per cent discount to customers who purchase online, with an extra 20 per cent off for those who have Halifax Home Insurance with personal belongings cover.

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