Staycations on the rise as Britons use debit cards less abroad

Weak pound, higher inflation and Brexit uncertainty likely to be behind fall in overseas spending, says UK Finance

Debit cards are being used less often abroad because the fall in the pound after the EU referendum has encouraged more Britons to holiday in the UK, the banking industry has claimed.

UK Finance, the financial sector trade body, said staycations helped explain why activity on debit cards overseas was 13% lower this August than a year ago. Since the UK voted to leave the EU in June 2016 the pound has fallen 11% against the dollar and 14% against the euro, making it more expensive for UK-based holidaymakers to take foreign holidays.

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