Bad news for ski holidays in Switzerland as the Franc soars
In an unexpected and somewhat surprising move the Swiss central bank has removed the currency supports between the Swiss Franc and other foreign currencies. This prompted chaos on currency markets yesterday with some financial firms even going bankrupt as a result.
The bad news for the financial markets is also bad news for anyone planning a ski holiday in Switzerland. With the currency rising almost 30% against both the euro and sterling the price of everything in Switzerland just got 30% more expensive.
Due to a recent change in local labours laws Swiss ski resorts are already seeing reduced interest from UK ski holiday companies and as a result less UK skiers and snowboarders. This new hit of an additional 30% price increase is not what the local ski industry needed just now.
Only time will tell but it seems that Swiss ski resorts might be looking a little quieter for the foreseeable future.