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Brits 'to spend less on holidays for 2008'

Britons will spend a collective £600 million less on their holidays this year, Abbey has said.The financial firm released new research today, showing that 2008's expenditure is likely to hit £4.2 billion - or, £576 per household, down from £749 last year.Rises in prices were blamed for the downwards trend, with overall fuel and travel costs rising by 56 per cent over the past 12 months.In particular, the amount of money set to be spent this year by parents holidaying abroad with their children is to fall sharply, going from £1,116 in 2007 to just £493.Callum Gibson at Abbey commented: "With rising inflation it is remarkable to see an overall cost drop like this, but it just shows how British parents are feeling the pinch. One thing that has seen a drop-off is the amount people plan to spend on their holiday abroad. "With a budget of less than half last year's amount, the one thing that British holidaymakers definitely don't need is for that budget to be further eroded by foreign exchange charges overseas."

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