Sterling’s volatility is affecting the plans of millions of people planning winter sun holidays, a new survey has suggested. The plans of 59% of UK adults previously considering booking a foreign holiday have been affected by the pound’s recent slide in value, according to a YouGov poll for Post Office Travel Money.
A quarter of respondents said fluctuating exchange rates mean they will not take an overseas trip in the coming months, while the same proportion will choose a cheaper destination. Some 28% of those questioned are delaying their trip and a third (33%) intend to cut their spending budget.
The pound plunged to historic lows against the US dollar in the wake of Chancellor Kwasi Kwarteng’s mini budget on September 23 but has since recovered. Analysis of prices by Post Office Travel Money in partnership with holiday company Travelbag found UK travellers are paying more for typical tourist costs at four out of five popular long-haul winter sun destinations compared with the pre-pandemic year of 2019.
