British holidaymakers planning trips abroad this year have a rare bit of good news waiting for them at the currency exchange: the pound has climbed to its highest level against major currencies since the 2016 Brexit referendum. According to Secret London, sterling's rally means UK travellers are getting noticeably more euros, dollars and other currencies for their money than at almost any point in the past decade.
Why does that matter? After the referendum, the pound took a sharp hit, and for years Brits heading to the eurozone or the United States felt the squeeze — hotel rooms, restaurant meals and car hire all effectively cost more once converted. A stronger pound reverses that dynamic. In practical terms, if you're swapping £500 for euros or dollars right now, you'll walk away with a meaningfully bigger stack of foreign cash than you would have at almost any time since 2016.
The gains are most visible against the euro and the US dollar, the two currencies most British holidaymakers actually use. That covers the classic summer destinations — Spain, Greece, Italy, France and Portugal — as well as long-haul favourites like New York, Florida and California. Anyone with a trip already booked can also benefit by paying off balances or buying currency now rather than waiting, in case the rate shifts again.
A word of caution, though: exchange rates move constantly, and this is a snapshot, not a guarantee. If you have a big trip on the horizon, it can be worth buying currency in batches or using a card with low foreign transaction fees rather than changing everything at once at the airport, where rates are almost always worse. Travel money cards and multi-currency accounts typically beat high-street bureaux on the rate you actually get.
For travellers, this is straightforwardly good timing. The UK's summer holiday season is approaching, and a stronger pound effectively acts like a small discount on everything you spend overseas — from tapas and gelato to theme park tickets and fuel on a road trip. It won't transform your budget, but on a two-week family holiday spending a couple of thousand pounds abroad, the difference between a weak and a strong pound can easily add up to a free excursion or a couple of nice dinners. If you've been sitting on the fence about a trip to the eurozone or the States because of cost, the current rate is a decent argument for booking it.
Full details on the pound's post-referendum high come from Secret London.
