British holidaymakers to benefit from devaluation of peseta and escudo

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The Independent Online
BRITISH holidaymakers will benefit immediately from more spending money in their pockets after the Spanish peseta and the Portuguese escudo were devalued yesterday, writes David Connett.

Holiday companies predicted a boost in bookings. Keith Betton of the Association of British Travel Agents, said holidaymakers to Spain and Portugal will immediately enjoy more spending money, which could make the difference between deciding whether to go abroad or not for many people.

'People on lower incomes who had previously thought twice about taking a holiday in Spain or Portugal might now decide to go ahead. Many people go self-catering so their purchasing power will go further,' he said.

Spain is the top holiday destination for Britons travelling abroad and approximately 4 million are expected to visit the country this summer.