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UK draws record overseas tourists after pound's Brexit plunge UK draws record overseas tourists after pound's Brexit plunge
(35 minutes later)
Overseas visitors flocked to Britain in record numbers in July and spent more than ever before in response to the improved spending power offered by the low pound. Overseas visitors flocked to Britain in record numbers in July and spent more than ever in response to the improved spending power offered by the low pound.
Non-UK residents made 4m visits to Britain in July, an increase of 6% from a year ago and spent £2.7bn, up 3% on July 2016, according to the Office for National Statistics. Non-UK residents made 4m visits to Britain in July, an increase of 6% on last year and spent £2.7bn, up 3% on July 2016, according to the Office for National Statistics.
The increase in number during the peak summer months failed to match the rise around the Easter period, when foreign visitor numbers and spending increased by about 20% on the year before.The increase in number during the peak summer months failed to match the rise around the Easter period, when foreign visitor numbers and spending increased by about 20% on the year before.
But the surge in numbers throughout the year has buoyed Britain’s tourism and services industries while the uncertainty created by last year referendum has damaged the confidence of UK consumers and businesses. A surge in numbers throughout the year has buoyed Britain’s tourism and services industries. The uncertainty created by the EU referendum has damaged the confidence of UK consumers and businesses.
Brexit triggered a 20% slump in the value of the pound last year against most major currencies that has since waned, especially against the dollar where there is only a 13% drop since last year.Brexit triggered a 20% slump in the value of the pound last year against most major currencies that has since waned, especially against the dollar where there is only a 13% drop since last year.
The pound’s fall made most holiday and business trips to the UK more attractive, with European and North American visitors coming in the largest numbers.The pound’s fall made most holiday and business trips to the UK more attractive, with European and North American visitors coming in the largest numbers.
However,the growth in tourists from June was evenly spread following a surge in numbers from the rest of the world, which according to passenger flight records show came mostly from China and east Asia. However, the growth in tourists from June was evenly spread following a surge in numbers from the rest of the world, which according to passenger flight records show came mostly from China and east Asia.
The fall in the pound hit the number UK residents making visits abroad, which fell to 6.9 million, a 2% decrease when compared with July 2016.The fall in the pound hit the number UK residents making visits abroad, which fell to 6.9 million, a 2% decrease when compared with July 2016.
Spending by UK residents on the foreign holidays also declined by 2% to £4.5bn on the same month a year before. Spending by UK residents on foreign holidays also declined by 2% to £4.5bn on the same month a year before.