Germany's tax cuts may impact Brits' money transfers

Former UK citizens who now live in Germany may soon find they have more money available for currency conversion, it has emerged.

This weekend saw the country's Christian Democratic Party and the Free Democratic Party (FDP) put forward plans that will lead to tax cuts if they are implemented.

The move would see Germany's residents and entrepreneurs pay €24 billion (£21.8 billion) less in tax rates.

The proposals aim to stimulate spending, which could help the country recover from the recession.

Guido Westerwelle, leader of the FDP, told euronews: "We want to reduce taxes and dues for families.

"We want to achieve major tax reform and for this reason we are very pleased to have decided on a new tax structure."

Meanwhile, the Egyptian State Tourist Office has suggested Egypt's currency rate may be behind a recent rise in the number of Brits visiting the country.

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By Linsey Summers