Cost of holidays soaring for Brits
September 24, 2008
Over recent months Brits have seen many different costs soar, such as the cost of food, the cost of petrol, energy bills, and even borrowing costs. A recent report has now revealed that Brits are also to be hit with higher costs when it comes to going on holiday, so those hoping to escape the stresses of life with some time away are going to be hit in the pocket yet again, making it more difficult for many families to take a break in the current financial climate.
The report indicates that the cost of a two week holiday for a family of four has gone up on average by £400 compared to last year. Travel firms are also said to have slashed the number of deals on offer, which means that consumers are to be hit with a double whammy of less choice and higher prices. Figures show that Thomas Cook has cut the number of holidays to the Balearics by a fifth and the number of deals to Spain by more than a quarter.
One official from Thomas Cook said that a number of factors had resulted in the increased expense and decreased choice. He said: ‘People are cutting back on their travel expenditure. This is all driven by the fact that costs are going up. Oil is soaring. It may have dropped back to $114 a barrel - but it was only $60 last year.’
He added: ‘Spain is the country where we are cutting back most on capacity. Holidaymakers are hit by the weakness of the pound against the euro. So not only do the holiday costs increase, so does the cost of going out for a meal. There are also higher food and labour costs in Spain.’
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