Sterling has continued to lose its value against the single European currency, as it has slumped to a new record low.

£1 is now worth just €1.0229 following the latest exchange rate fluctuations, bringing the pound closer to full parity with the euro.

Currency specialist FairFX believes the slide of the pound will have an effect on consumers in the UK who are planning to head to the eurozone in the near future.

As a result, it has recommended that anyone who is planning to purchase euros obtain at least half of their currency now before exchange rates get worse.

"It is harder than ever for Brits to get a good bang for their buck as the pound continues to weaken," FairFX commented.

The organisation added that people should leave themselves the option of buying the other half later in case the euro gains some strength.

Despite the slumping value of sterling, the British government has so far ruled out the possibility of switching to the euro.

Prime minister Gordon Brown recently insisted that the UK will continue to use the pound "this year, next year and beyond".