Holidaymakers heading for the ski slopes and winter sunshine will save pounds on their hotels and meals this Christmas thanks to the turmoil in the eurozone.
Amid worries that the single currency nations have not done enough to tackle their debt crises, the pound has been growing steadily in value since the summer.
Last July £1 would buy between 1.10 and 1.12 euros, but today that figure had risen to 1.19 euros.
For holidaymakers who have not paid for their Christmas hotel and meals in advance, that will mean significant savings.
A family meal for four costing £65 would come in around £4 cheaper. A hotel bill for £1,200 would be about £60 cheaper.
The single currency has also hit an 11-year low against the dollar. Doubts are, meanwhile, growing about the new fiscal rules for Europe which were agreed at a summit in Brussels last Friday.
Although 26 of the 27 members of the European Union voiced support for a treaty, with only David Cameron refusing, there are signs that the deal has already hit trouble.
Ireland has indicated that it may have to call a referendum, which would put a treaty in jeopardy, while Sweden and the Czech Republic are said to be having second thoughts.
Ernst & Young today warned that the eurozone is facing a "bleak" winter, with a "mild" recession in the first half and economic growth for the year of just 0.1 per cent.
The audit firm predicted unemployment in the single currency area was unlikely to fall below 10 per cent until 2015.
Greek Prime Minister Lucas Papademos warned that his country's downturn would be greater than the 5.5 per cent official forecast.
"The reforms agreed at the summit on 9 December were a step in the right direction and the response seems to have been mildly positive," according to Ernst & Young.
"Yet investors remain very concerned about the commitment and ability of eurozone governments to implement reforms quickly."
Tensions between the UK and France have deepened after a report that President Nicolas Sarkozy accused Mr Cameron of behaving "like an obstinate kid" at the summit where the Prime Minister vetoed a new EU treaty.
No 10 has confirmed that Mr Cameron telephoned leaders of the Czech Republic and Sweden to build
alliances.
