As millions of sun seekers jet off to mainland Europe most Britons have no idea of the euro's value against the pound, suggests a new report.

A persistent lack of familiarity with the single currency in a sceptical UK population will not be welcomed by ministers hoping that summer holidays would lead to a fond acquaintance with new euro notes and coins.

The survey of 2000 people, produced by FX Currency Services, found just 12 per cent of the public estimating the euro's value at between 1.45 and 1.6 euros to the pound - the rate the currency has fluctuated at since its launch at the start of this year.

Almost half of those questioned failed to guess the correct value, with the average estimate standing five times above the real rate.

More women than men were likely to confess not knowing the exchange rate, with figures of 59 per cent and 35 per cent respectively.

Scots proved to be the worst guessers, with an average prediction of 13.37 euros to the pound.

They were followed by residents of the West Midlands, who looked forward to a conversion rate of 11.89 euros for each pound.

The most euro-knowledgeable members of the public proved to be in Yorkshire and Humberside - though the average expectation was still of 3.25 euros to the pound.

Donald Mackenzie, managing director of FX Currency Services, had some words of encouragement for the government as it considers whether to press ahead with a euro referendum next year.

"Millions of people from the UK travel to the eurozone every year, and so whilst the UK hasn't joined the single currency, it is still a fact of life," he said.

But he warned there was more work to do on educating the public about the single currency.

"If the average Briton thinks there are five times as many euros to the pound as there actually are, it looks like the government has a lot of educating left to do before they think about recommending the UK joins up."