Currency exchange costs could be cutting travel spending

Recent statistics have revealed that Britons are cutting back on the amount of money they spend overseas.

Currency exchange rates could be responsible for the four per cent decline revealed by the Office for National statistics in Brits' spending abroad.

Expenditure reached £7.4 billion in the three months to February.

Currency exchange rates for the pound have remained low in the run up to the general election due to uncertainty over the UK's economy.

This has left Britons travelling abroad with fewer euros or dollars for their pound than they would have done when exchange rates were better.

However, the number of people who are visiting the UK from abroad is on the rise.

Figures showed that 7.5 million overseas visitors came to British shores during the three months to February - a two per cent increase on the previous three months' levels.

Currency exchange rates mean that people coming to the UK from eurozone countries will get a good deal on their foreign currency exchange.

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Posted by Sarah Pitton