One in five Britons say they can’t afford a summer holiday this year as cost of living soars, poll shows

One in five Britons say they cannot afford a summer holiday this year due to rising costs of living fueled by conflicts in the Middle East, according to a new survey.

The survey, conducted by YouGov and commissioned by fintech company SumUp, shows that almost a third (30 per cent) of Brits have postponed their holidays or travel this year. One in five people (19 percent) say they cannot afford to travel.

The results reveal increased financial concerns as ongoing tensions in the Middle East impact economies around the world. Oil prices have skyrocketed amid the conflict between Iran and the United States; This also affected the costs of energy, food and jet fuel.

The source of uncertainty is the interruption of oil flow in the Strait of Hormuz, located between Iran and Oman, due to Iran’s threats against oil tankers following the US attack on the country in February. The Bosphorus is an important waterway for global trade, through which approximately 20 percent of the world’s gas and oil is transported.

SumUp’s Corin Camenisch says: “With people’s finances already tight and international events conspiring to make travel much more expensive, it’s sad but not surprising to see one in five people in the UK will be unable to travel this year due to cost.

“It’s not just about people missing out on summer holidays – as sad as that is – but also about families and friends missing out on important events in the lives of their loved ones. Our networks are more global than ever, and not being able to be with loved ones at milestones like birthdays and weddings can be heartbreaking.”

Airlines began increasing flight cancellations for May due to rising jet fuel prices and fears of shortage. 296 departures have been canceled from UK airports this month, analytics firm Cirium recently showed, and the figure is rising day by day.

EU energy commissioner Dan Jorgensen recently said: Sky News that many people would be hit by the high price and low availability of aviation fuel, saying: “Unfortunately, it’s very likely that many people’s holidays will be affected, either because of flight cancellations or very, very expensive tickets.”

“Even if we do our best, if the jet fuel isn’t there, then it’s not there.”

Earlier this week, US President Donald Trump announced that a peace deal agreement with Iran was “substantially being negotiated” and that more details were expected soon. Tehran claimed that the strait would be reopened and the US Navy would leave the region within a month, causing oil prices to fall to their lowest point since April.

This has raised hopes that the worst economic effects of the crisis can be avoided and flights can continue normally during the summer months.

However, energy costs are expected to reach a two-year high in the UK from July after Ofgem announced a new energy price cap on Wednesday. The regulator increased this figure by 13 per cent to £1,862.

The figure sets out the maximum amount suppliers can charge for a unit of energy, expressed as the average UK household’s annual energy bill.

Conor O’Shea, co-ordinator of the Cost of Living Action coalition, said: “The cost of essentials is increasingly draining household budgets, leaving little or no money for anything else. “This crisis is sucking the joy of life out of millions of families, with small treats and gifts, let alone holidays and overseas travel, a distant dream.

“The government needs to address the causes as well as the symptoms of our broken economy, so families can live and thrive comfortably – not just pass by. If people can’t afford even a short holiday, this shouldn’t be the reality in a country as rich as the UK.”

In April, the government announced a “five-point plan” to tackle the cost of living in the face of pressures created by the Iran crisis. These included a £117 cut in Ofgem’s energy price cap from April and investment in energy security to make the UK less susceptible to market fluctuations.

Chancellor Rachel Reeves also recently announced a new package that includes reducing VAT to 5 per cent on summer attractions such as theme parks and soft play centres, and free bus journeys for under-16s in England in August.

The Treasury confirmed that it has postponed the fuel tax increases that will come into force in September and December.