Travel News

Pound drops to record low against euro

The British pound has dropped to a record low against the euro in a development that is expected to have an impact on the travel industry this summer.

Sterling fell to an all-time low of 80p to €1 on the afternoon of April 9th before rising slightly to reach 79.8p later in the day.

The slump was attributed to expectations that the Bank of England is set to cut interest rates.

Martin Slaney of currency trading company GFT told the Guardian that financial conditions in Europe and the UK suggest that the low value of sterling against the euro is set to persist "for the foreseeable future".

He added: "We have only briefly touched the 80p level today but talk of pound-euro parity will no doubt now pick up."

The US has gone through a series of economic troubles recently, which were accompanied by the dollar falling to historic lows against the euro and the pound.

Today, £1 was worth nearly $1.97.

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