The Pound Euro rate Finally Hits 1.24

The UK pound finally went through the 1.24 Euro barrier today.

The £ Up to 1.241 Euros - A gain on almost 5.6% in 12 months

The latest UK employment data, that showed unemployment falling to 6.6% in May, took the £ over the 1.24 level. I predicted the increase in the £'s value last week, in response to Mario Draghi's actions to stimulate the Eurozone economy.

This makes travelling across most of Europe much cheaper than a year ago. The Euro area inflation rate is less than 1%. Meaning, in real terms, actual sterling costs for an average purchase will be almost 5% lower.
On a personal basis, this is extremely good news. I have arranged to pay for my holiday accommodation in the South of France in Euros.