Five questions about... Exchange rates
Is the pound slumping again?
Yes it is. This week the pound fell to its lowest level against the dollar since June 2010.
So how much worse off will I be when I go on holiday this summer?
That depends on what happens between now and when you depart. But compared to last summer when £500 would have bought you 642.5 euros, today it will only buy you 579 euros, according to Currencies.co.uk. Meanwhile Travelex reckons that those heading to the States will now receive $68 less when exchanging £500 into US Dollars.
Why is it happening?
There are lots of reasons but chiefly it's lack of confidence in our economy. This week it was worse-than-expected UK manufacturing figures that sparked fresh fears of a triple-dip recession.
Should I buy currency before the summer?
It's an idea, but if the pound recovers then early buyers will have less holiday cash. If you have savings and are happy with the rate you can get on currency now then go ahead and buy it. But buy online – not the high street – for the best rates.
What about alternatives to currency?
Think about a pre-paid card. Rates are often better and you can leave cash on the card to avoid having to worry about currency fluctuations.
Independent partners: Bank-beating exchange rates and no hidden fees on all your international payments. Find out more
- 1 'Sickening, deluded and unforgivable': Horrific attack brings terror to London’s streets
- 2 Mothers' diets may harm IQs in two-thirds of babies
- 3 Far-right French historian, 78-year-old Dominique Venner, commits suicide in Notre Dame in protest against gay marriage
- 4 Eyewitness Ingrid Loyau-Kennett gives extraordinary account of her confrontation with Woolwich attackers
- 5 Woolwich attack: The EDL might have a sinister plan as a soldier is murdered in suspected Islamic terrorist attack
BMF is the UK’s biggest and best loved outdoor fitness classes
Find out what The Independent's resident travel expert has to say about one of the most beautiful small cities in the world
Win anything from gadgets to five-star holidays on our competitions and offers page.
Day In a Page
A modern home of almost 1,000sq ft is close to Stoke Newington's high street. £499,950
A five-bedroom bungalow in Hoveton with riverside garden and mooring dock, £550,000
A refurbished one-bedroom flat with south-facing reception and high ceilings. £579,950
A four-bedroom Grade II-listed house in Nazeing with large gardens. £550,000
A modern four-bedroom house in a converted stable within walking distance to Peckham Rye. £695,000
Three-bedroom house in a quiet residential area within close distance to Battersea Park. £450,000
A three-bedroom cottage within commuting distance of London, Norwich and Cambridge. £250,000
A two-bedroom cottage with a sun room and gardens in South Chard. £350,000.
A three-bedroom semi-detached house with original features including fireplaces and wooden flooring. £399,950
A modern two-bedroom flat split across two floors and close to several public transport links. £595,000
A one-bedroom flat with an open-plan reception/kitchen and private balcony. £315,000.
A bright two-bedroom garden flat between South Acton and Chiswick Park. £499,950.
A listed four-bedroom farmhouse with stables, set in four acres. £500,000.
A three-storey family home with four bedrooms and an extended kitchen/diner. £995,000.
A three-bedroom Hamstone cottage in the rolling Somerset countryside. £430,000.
A luxury one-bedroom apartment on the first floor of a converted Victorian house. £425,000.