Loading ...Pound hits seven-year high against euro
The pound has reached a more-than seven year high against the euro, a day after the European Central Bank (ECB) began its government bond buying programme.
Sterling rose 0.45% to hit €1.40 for the first time since December 2007.
It means UK holidaymakers to the eurozone will have just over 15% more spending power than a year ago.
City analysts said continued fears over a Greek exit from the eurozone had also helped push the pound higher against the single currency.
Last year, the pound was trading at €1.205, meaning holidaymakers could expect €1.18 for every pound they exchanged.
It means whereas UK holidaymakers to Europe would have received €707 for every £600 they exchanged a year ago, they would get €822 today.
It rise in sterling came after the head of the eurozone finance ministers’ group called on Greece to “stop wasting time” and engage in serious talks on reform.