GOOD news for British holidaymakers to Spain: the pound is making a comeback, and that means serious discounts are up for grabs in Europe.
Bouncing back from the December 2008 low of €1.04, the sterling exchange rate has hit a healthier €1.25.
Shoppers will notice the difference in almost any clothes shop across the country.
A pair of Zara snakeskin print stilettos. for example, are sold in the UK for €87.81 (£69.99), but the same pair can be found in Spain for just €59.99 (£47.74).
The British holidaymaker stands to save over €27.60 (£22) on one pair of shoes just for buying within Spanish borders.
But it is not just Spanish brands that offer significant savings.
Swedish clothing giant H&M prices women’s skinny jeans at €19.99 (£15.99) across stores in Spain, while the same pairs go for €25.08 (£19.99) in the UK.
But the news unfortunately rides on the back of a still-struggling Spanish economy.
The European Central Bank reported last week that inflation rates dropped to 0.4% – almost approaching the deflation danger area – compared to the UK’s 19% inflation.
The eurozone’s high unemployment rates are to blame, particularly in Spain where unemployment is at 24.47%.