08 July 2024

Sterling sees rise in value since election called

08 July 2024

Sterling has continued to rise in value compared with several other currencies since the General Election, boosting the spending power of UK holidaymakers.

Post Office Travel Money said the pound has become stronger against 21 of its 26 best-selling currencies since the election was called on May 22.

Over that period, sterling has increased in value by 0.9% versus the euro, 2.9% versus the Turkish lira, 4.2% versus the Egyptian pound and 0.3% versus the US dollar.

There may be some volatility ahead

Travellers embarking on city breaks to Prague are benefitting from a 2.1% increase in sterling against the Czech koruna, while those heading to Budapest can enjoy the 2.6% growth versus the Hungarian forint.

Laura Plunkett, head of travel money at Post Office, said: “With the school holidays just a fortnight away now, it will make sense for families to check the exchange rate for their planned holiday destination regularly to see how sterling moves after the election and things settle down.

“This will enable them to they buy their travel money when sterling is at its strongest.

“The pound has been moving up against the euro and other key holiday currencies like the Turkish lira since late May.

“There may be some volatility ahead, but experience from past elections shows that this usually settles quite quickly.”

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