Euro is a mystery to most britons

For most Britons coming to Majorca this year, the single currency is a complete mystery. Almost half of Britons have no idea what the euro is worth in relation to the pound, according to a new survey. Those who had a guess were on average five times above the actual exchange rate. FX Currency Services, which produced the study, said some people thought there were 7.68 euros to the pound while only 12% identified the correct exchange rate of between 1.45 and 1.6 euros to the pound. Donald Mackenzie, managing director of FX Currency Services, said: “Millions of people from the UK travel to the eurozone every year, and so whilst the UK hasn't joined the single currency, it is still a fact of life. “If the average Briton thinks there are five times as many euros to the pound as there actually are, it looks like the Government has a lot of educating left to do before they think about recommending the UK joins up.” The survey of 2'000 people found 59% of women admitting they did not know the exchange rate, compared with 35% of men. Scots were the least accurate, with the average person thinking there were 13.37 euros to the pound. People in the West Midlands were the second least accurate, believing there are 11.89 euros to the pound. Those living in Yorkshire and Humberside were the closet to the correct exchange rate, but the average person in each still thought there were 3.25 euros to the pound. The Welsh are the most likely to admit not knowing what the exchange rate is, with 57% saying they had no idea. Only 7% in the survey got the exchange rate correct. Last summer, especially in Calvia, Euro information campaigns were launched aimed at the British and German tourists. Even special euro-only shops were set up to help people get used to the new currency and its value. But, as the Bulletin reported this week, the British abroad are big credit card spenders, reducing the need to handle the local currency, especially when making large purchases or eating out. Wandering around Palma it is evident that some British tourists are unsure of the euro's true value as they wander up and down the streets, looking in shop windows and desperately trying to work out the prices. However, while half of Britain does not know what the euro is worth, a similar figure, if not more, do not really care.