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Dearer strange holidays as grind tumbles - This is Cash

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Dearer strange holidays as grind tumbles - This is Cash A round-up of the financial crisisLatest on...- Oil prices- Interest rates- FTSE 100- Pound vs euro- Credit crunch- LiborSterling slumped to an all-time low against the euro and to its worst rate for 18 years against other major currencies. When the pound was at its strongest, nearly two years ago, £100 bought 145 euros. Yesterday some travellers were getting less than 100 for the same money. Many families will now have to think twice before arranging holidays abroad, while those who have already booked will have to cut back spending on items such as car hire, meals and drinks. Yesterday sterling slumped below 1.14 against the euro to hit 1.136 - its lowest value since the European currency was introduced in 1999. Last night, the official 'tourist rate' for the pound had dropped further, to 1.07 euros. But some people buying currency at the last minute at airports were being given even less. At Luton Airport, one bureau de change was offering 1.04 euros to the pound. With a £4.50 commission charge, it meant travellers handing over £100 received only 99 euros. Britons take more than 30m winter and summer breaks in the eurozone each year. Skiers going to French, Italian and Austrian resorts will be among the first to be hit. While the up-front cost of package deals later this year is unlikely to be significantly affected by the change, holidaymakers will have to count their euros and cents every day. There are also fears that some travel firms can exploit the small print in contracts and impose surcharges, which they allowed to do if the currencies continue to fluctuate. Measured against a basket of major currencies, sterling is at its lowest since 1990. Against the dollar the pound is at $1.48, down by a quarter since the start of the year. Analysts believe sterling is falling so sharply because of growing fears over the long-term health of the British economy. A Post Office survey has shown the biggest price rises are in Italy, where a typical three-course evening meal for two will cost £46.53, compared with £37.87 last year. A bottle of beer is £3.26 - up from £2.65. The rises will add hundreds of pounds to a two-week family holiday. Travel agents advise looking at cheaper destinations outside the 'eurozone', such as Turkey and Bulgaria. A Thomas Cook spokesman said: 'There are a lot of all-inclusive products people can go for, rather than self-catering. Especially next year when the up front costs will be higher.- Mary, surreyPosted: 11 December 2008, 10:18am6.Stephen Hulton, you've changed your mind AGAIN then? Interest Rates have to be raised again now? Mind you, if you keep altering your standpoint I suppose you'll be right at some point. Name: Town or region Town and country: Email: Your email address will not be published Remember me Email me a link to these comments. Now he's being sued over unpaid wages.City focusRetailers in crisisWho will be next to fall?