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25 February 2006
Brits travelling to European destinations can buy less for their money than they could four years ago, a new study has revealed. According to research carried out by Halifax Travel Insurance, purchasing power - the value of the pound when exchanged for local currency - has declined in all the major European holiday destinations, including Greece, Spain, France, Germany and Italy.
However, the study also found that in Switzerland and Japan UK residents can buy far more for their money as purchasing power has increased by 23 per cent in the last ten years.
"It is important when choosing a holiday destination that travellers not only consider the cost of travel and accommodation, but also how much it will cost to purchase goods and services when they are in the country," commented Vicky Emmott, senior underwriter for Halifax Travel Insurance.
"Holidaymakers should check the newspapers to see how the pound is performing against other currencies and ask their travel operator how expensive it is to eat out and visit attractions at their preferred destination," she added.
A fall in purchasing power highlights the need for customers to shop around for cheaper holiday insurance to cut down on the financial costs involved with a holiday.
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