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Creditfix LB 03-2017

Holiday Costs Could Rise by More Than 30 Per Cent

Holiday costs could rise by as much as 31 per cent due to the effects of Brexit according to a study.

The research by Seasonal Businesses in Travel (SBIT), an organisation representing over 200 outbound British travel companies, claims British companies employing UK staff in Europe may face a 58 per cent increase in costs if they are unable to retain existing British terms.

Many British travel companies employ UK staff to work in the EU during peak holiday times. and EU membership means no visas or bureaucracy and staff taxes.

In addition, a lack of clarity concerning a Brexit deal has led to the pound falling against both the US dollar and euro, increasing travel costs. Sterling has lost around 10 per cent against the dollar since its peak in April, and 3 per cent against the euro.

A lot of travel company costs are in US dollars, particularly aviation fuel, so the exchange rate against the dollar can affect prices wherever you are travelling to.

Consumers have been advised to keep an eye on currency exchange rates to try to obtain the best deal for themselves.

There are also other ways to keep holiday costs down.

If at all possible avoid school holidays – Travel and accommodation costs increase by as much as 40 per cent during these times.

Travel midweek – Weekend travel prices tend to be higher than midweek.

Avoid airport currency exchanges – Either shop around for the best deal before you go or research the internet to see what exchange rate you can get in the country you are visiting, this can often be better.

Pay in local currency – Even when using cards try to pay in local currency. The offer to pay in sterling often costs more due to a Dynamic Currency Conversion (DCC) fee on payments made using a card.

Choose your credit and debit cards carefully – Not all cards are the same, with some incurring large fees when spending abroad, while others are available that offer the best exchange rates and low fees.

Happy Holidays!

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