Brits planning on slashing holiday budgets

Britons are tightening their belts in 2011, with 61 per cent of people saying they will cut back and take shorter or fewer annual breaks than they would usually expect to enjoy.

However, The British Travel Awards survey has found that fewer people are scrapping their holiday entirely.

The BTA says that just 9 per cent of respondents told them they'll forgo a holiday in 2011, compared to 17 per cent of people last year.

Their research also found that package holidays abroad are going to see a resurgence as consumers opt for traditional tour operators over independently planned travel.