Pound Sterling Slides 17% Below Euro

Against the euro, the pound is 17 per cent below the average, while against the dollar the present value is 30 per cent down.

After sterling fell in overnight trading in Asia, Moneycorp bureaux de change at Gatwick airport are charging £102.69 for €100 — valuing each pound at just 97.4 euro cents.

The inter-bank rate was around €1.14 for £1, and $1.20. Research by The Independent on the value of the pound over the past 15 years shows an average of €1.38 and $1.70.

The latest slump in the value of the pound means some travellers flying from Britain today are paying more than £1 for each euro – and a McDonald’s coffee in Switzerland will cost over £4.

Many other currencies worldwide, including those of China, the UAE and much of Latin America, are linked to the dollar, TheIndependent.co.uk reports.