Pound to Euro exchange rate: third Brexit-hit summer leaves millions of Brits worse off

NIcholas Cecil
Poor rates: online foreign exchange firm FairFX carried out the research: FairFX

Millions of Britons face a third Brexit-hit summer holiday, where they may get less than a euro for their pound.

Foreign exchange firms are offering as little as 0.89 euros for £1 at airports as many families head abroad.

Some of the worst rates can be found at Stansted and Gatwick. The pound is still worth around 13 per cent less against the euro than on the day of the Brexit vote, June 23, 2016 — plummeting in value from being worth 1.3 euros two years ago to around 1.12 euros.

This main rate means that Britons heading to European beach resorts and capitals will get around £80 less worth of euros if they exchange £500.

However, holidaymakers turning up at airports often get an even worse deal if they buy their currency before take-off. At Stansted, they could have got just 0.89 euros for a pound this morning, at Gatwick 0.94 euros, Heathrow between 0.93 euros and 1.1 euros and Luton 1.06 euros, according to an analysis by foreign exchange firm FairFX.

“The pound is still down against the euro and many other currencies compared with two years ago,” said FairFX chief executive Ian Strafford-Taylor.

“Holidaymakers may find that they could get more for their money by considering alternative destinations this summer.”

Conservative MP Bob Neill added: “This is one of the consequences of Brexit affecting ordinary families. It’s the sort of thing that a lot of people probably did not think about at the time of the referendum.

“Imagine what it would be like if we crashed out without any kind of deal.”

The fall in the value of the pound after the EU referendum has led to a squeeze on living standards as inflation outstripped wage rises.