In a move intended to soften the effects of the Brexit vote, the Bank of England has altered interest rates for the first time in seven years, to a new record low of 0.25%.

The decision allows businesses and individuals based here to borrow money more easily, but means overseas investors will be deterred from bringing money to the UK, driving down the value of sterling.

This in turn means the cost of foreign holidays will rise, both through increased costs in resort and in the basic price of a holiday, which will be affected by changes to the euro and dollar exchange rates.

Following Brexit, the Bank of England has cut its 2017 UK growth forecast from 2.3% to just 0.8% and said it expected the UK economy to stagnate for the rest of 2016.

The payback for the travel industry is that the UK becomes cheaper to foreign tourists – including those from Ireland – so record numbers are expected.