UK Money News
2nd May 2008
Brits cut holiday spending in face of credit crisis
Millions of Britons plan to cut back on holiday spending this year as credit becomes less available and the cost of living rises, a survey has shown.
In a poll conducted by FairFX.com, 57 per cent of the study said they are trimming their holiday expenditure as loans and credit cards become more expensive and mortgage repayments rising.
Other factors impacting on the respondents' decision included the relative weakness of the pounds against the dollar, which was cited by 19 per cent of those intending to cut their vacation expenditure.
Stephen Heath, chief executive of FairFX.com, said: "Brits have been forced to slash their holiday spending as the credit crunch and the hefty rise in the cost of living hits them hard in the pocket.
"Unless conditions change holidaymakers are planning to spend just £460 each on what should be the main break of the year."
Of those surveyed for the poll just four per cent said they planned to increase their spending on holidays this year.
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