By Holly Black for the Daily Mail.

Holidaymakers may have to fork out extra to visit Europe this summer after the pound slumped to its lowest level against the euro in more than a year. The weaker pound is likely to hit holidaymakers twofold: The price of a European holiday is rising as concerns over Britain leaving the EU have caused the pound to slump to its lowest level against the Euro in more than a year.

There are fears that the pound could fall even further in the run-up to the EU referendum on June 23 this year. Those travelling to the United States will also have less spending money, and may see higher holiday prices, as sterling has also fallen against the U.

This is not a new trend and according to FairFX the pound has fallen against the dollar by around 10 per cent a year for the past five years. But in destinations further off the beaten track, the value of the pound is soaring. Those travelling to South America are likely to get better value for money as sterling has risen per cent against the Argentinian peso over the past three years. You can also get more money for your pounds in Norway - 45 per cent more at the moment compared with The pound has also risen against the Canadian dollar by 28 per cent in the same time period.

However, if you're choosing to travel to a destination further afield, you will need to factor in the increased flight costs of doing so - which may outweigh any savings made in the exchange rate.

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Pound jumps as inflation fears split Bank policymakers. Interest rates held at 0. Surge pricing adds hundreds to the cost of your trip Britain's holiday rental market booms as the weak pound persuades millions to opt for a 'staycation' this summer Travelling with Flybe for a city break?

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