Saturday 18 November 2017

Weak pound in post-referendum boost to tourism industry

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Independent.ie Newsdesk

Independent.ie Newsdesk

A record number of foreigners visited Britain in July, data showed on Friday, adding to evidence of how the weak pound has made tourism a big beneficiary of last year's Brexit vote.

The number of overseas residents coming to Britain in July rose to 4.02 million, the highest for any month since records began and the first time the figure has topped four million.

That was 6pc up on July 2016, the Office for National Statistics said. By contrast, the number of British residents going abroad during the month fell by 2pc to 6.94 million.

The value of sterling fell sharply after the June 2016 referendum decision to leave the European Union, leading to higher inflation for British households - and more expensive holidays abroad - but lower prices for foreign tourists.

In the first seven months of the year, the number of overseas visitors to Britain rose by 8pc, while Britons travelling abroad rose by 3pc, the ONS said, based on preliminary data.

Foreign visitors to Britain spent £13.3bn (€15bn) in the January-July period, up 9pc, while Britons increased their spending abroad by 5pc to £24.3bn.

Reuters

Reuters

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