Bureaux de change offering €0.99 for £1

euro cent coins Image copyright Thinkstock

For the first time in at least three years, British holidaymakers have found that a pound buys less than a euro at some bureaux de change.

On Tuesday this week, exchange desks at two airports were offering just 99 euro cents for a pound, according to foreign currency specialists Caxton FX.

MoneyCorp at Stansted was offering €0.9915, while ICE's rate at Luton was €0.990.

The pound hit its lowest level in three years on Monday.

Sterling has recovered slightly since then, on the back of news about rising inflation in the UK.

Nevertheless, the value of the pound has fallen by 12% against the euro since the vote to leave the EU, and about 10% against the US dollar.

"An already weak pound has faced additional woes recently, due to increased stimulus measures and disappointing data from the UK," said Alexandra Russell-Oliver, an analyst with Caxton FX.

On Wednesday, several supermarkets were offering €1.13 to the pound.