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Brits forced to reduce holiday spending
02/05/2008 18:16:00
Some 57 per cent of British holidaymakers are in a position where they are unable to spend as much on their trips as they would like.
According to pre-paid currency card provider FairFX.com, this can be attributed to the credit crisis and fears that the UK may be about to enter into a recession.
Moreover, the rising cost of living in Britain has meant that holidaymakers have had to prioritise outgoings and debt reduction over a trip abroad.
Stephen Heath, chief executive of FairFX.com, said: "Brits have been forced to slash their holiday spending as the credit crunch and the hefty rise in the cost of living hits them hard in the pocket.
"Unless conditions change holidaymakers are planning to spend just £460 each on what should be the main break of the year."
The strength of the euro against the pound is another factor influencing the decisions of holidaymakers.
According to Post Office head of travel Helen Warburton, prices vary "quite significantly" in Europe so tourists will be looking to visit countries where their pound goes further, such as Spain or Turkey.
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