Brexit holiday crisis: End of cheap Magaluf and Costa getaways for Brits

QUITTING the EU is set to see bargain breaks in Brit holiday spot like the Costa Del Sol and Magaluf skyrocket.

By Patrick Knox

END OF AN ERA: Is the sun setting on the trusty cheap Mediterranean holidays after Brexit?

For years Brits have enjoyed a cheap package holiday with discounted flights thanks to laws made in Brussels.

But with the UK quitting the EU, this year's hols could be the high water mark of the cheap holiday to the sunny Med that many of us live for.

And not only will it cost more for a holiday initially, but experts say cash-strapped British families and young people will have less to spend at resorts.

PRICEY: At least rising prices will mean you'll be able to get a sunbed in Magaluf

Frank Brehany, the consumer director of HolidayTravelWatch, said Brexit changes everything.

He said: "It could affect the future of the cheap Costa holiday.

"If the Brexit goes ahead its absolutely clearly we will be exposed to the uncertainty the market for quite some time to come and affect the Pound in the consumers' pocket."

This is because holiday companies will increasingly move to the Continent and this will lead to packages being sold for more.

Worse still Mr Brehany said plane companies will be charged for entering EU airspace and pass the cost onto the holidaymakers.

And visas will have to be bought for places like Spain or Greece.

PASSPORT CONTROL: As non-Eu citizens you will need to pay for a visa go to the Med

At the very least, a family-of-four taking a package holiday could see prices going up for £2,500 to £2,800.

Mr Brehany said: "That's not even taking into account if you buy anything in a resort."

The tumbling value of the UK Pound – sparked by the uncertainties of leaving the EU – means when it is exchanged British people will get less Euros to spend on food and drink.

INCREASE: Food and drink will be more expensive as the Pound sinks in value

He said: "The most immediate affect your readers will notice is the exchange rate.

"We will see the currency market fluctuating in the next months and certainly beyond that."

His advice for those wanting to avoid being hit in the pocket is to keep a close eye on the exchange rate.

DOWNWARD TREND: The Pound is expected to drop in value meaning you get less Euros

Buy when the pound is strong and stash your cash away for up-and-coming holidays, he says.

Payments are processed abroad, often after the holidaymaker has gone home, meaning you could end up spending more than you think because the pound has fallen.

But Mr Brehany said the biggest cost faced by holiday makers will be the loss of consumer rights, including claiming back for cancelled flights, dodgy hotels and if you become sick.

RIGHTS: Brits face losing their rights to claim back for dodgy hotels and cancelled flights

Making matters worse, a survey suggests one in three Britons are planning to cut back on big ticket purchases like holidays amid fears over the impact of Brexit on their bank balance.

Half of people surveyed also said they will put bigger chunks of their wages into savings as a result of the EU referendum, according to the survey conducted on Saturday, the day after the Brexit vote was announced.

Richard Lim, chief executive of Retail Economics said: "The results from our consumer attitudes survey show concerns over the future of the economy, personal finances and rising costs of living are likely to choke off consumer confidence and spending."

Some 37% of consumers said they are likely to cut back on spending on large purchases such as TVs, furniture, new bathrooms and holidays that they had been intending to make before the EU referendum result was announced.

The research found that discretionary spending is also likely to take a hit, amid worries about food bills increasing.