Stansted forex bureaus offer just €0.89 to the pound ahead of big summer getaway

Foreign exchange bureaus at one of Britain’s busiest airports were offering just €0.89 for each pound today ahead of the big summer getaway.

With schools across the country set to close for the holidays in the coming week the pound to euro exchange rate hit one of the lowest rates ever seen.

The pound fell below $1.30 on Thursday – its lowest level since September last year -after a surprise fall in retail sales in June, confounding expectations of an increase.

Political turmoil has also pushed the pound down, with a raft of resignations and Brexit uncertainty rattling the markets.

Last summer, travellers going through Southampton airport were offered just 86 euro cents for each pound sterling, thought to be the lowest rate on record.

But several indicators suggest that this summer could match or surpass that low.

Core inflation sunk by 0.1 per cent in June having been expected to rise by 0.3 per cent.

Doubts that Britain can secure a smooth Brexit also play a significant role.

Take a look at our guide to circumventing currency exchange blind spots here.

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