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Foreign holidays on decline as Britons cut costs

Many hard-pressed consumers are giving up their foreign holidays this summer in order to save money.According to a poll from Norwich Union, around one third of the holidaymakers will forego their trips in this way - with around half cutting costs by not taking out travel insurance.Rising food and fuel prices - which has seen the government's inflation benchmark hit an above-target 3.3 per cent - are understood to be behind the trend.Elsewhere, the Norwich Union research has also been backed up by new figures from fellow insurer Legal & General.According to the firm, 25 per cent of Britons have "changed" their holiday plans due to budgetary constraints - which have also led to 39 per cent currently spending "more time at home".Norwich Union's Suzi Fenn commented: "Understandably, people are looking to make savings on their holidays this year given the economic climate."The reality is that accidents and illnesses do happen on holiday, and you could end up footing an expensive medical bill if you haven't taken out proper cover."

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