Aashna Shroff, personal finance expert at money.co.uk, comments:

"Finally, some good news for British holidaymakers who have suffered a summer of airline strikes, delays from IT meltdowns and currency woes.

"The pound has received a boost from reports that there are renewed efforts to avert a no-deal Brexit, which will be welcome news indeed for holidaymakers heading overseas this Bank Holiday weekend.

"Compared to just over a week ago, 500 will now get you an extra ?15 or $12 in your wallet. That might not sound like much, but it could buy a small round of drinks or several ice creams for the kids.

"Remember that if you want to maximise the amount of foreign currency you get for your pounds, try and buy your travel money in advance, and avoid purchasing currency at the airport - as the exchange rates are some of the worst you will find."