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UK draws record overseas tourists after pound's Brexit plunge UK draws record overseas tourists after pound's Brexit plunge
(about 4 hours later)
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.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% on last year 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.
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. The surge in tourist numbers during the spring meant the growth rate since January was 8% but this growth rate is unlikely to be maintained for the second half of the year.
The surge in tourist numbers during the spring meant the growth rate since January was 8%, but this is unlikely to be maintained in the second half of the year without a boost in arrivals.
Analysts blamed the terror attack on Borough Market in June and the recent weakness of the dollar, which deterred American tourists from travelling to London.
Guy Ellison, an analyst at Investec Wealth & Investment, which monitors leisure firms such as London Eye and Madame Tussaud’s owner Merlin, said: “The pick up in inbound tourism is welcome, with London likely to have been the prime beneficiary.
“It was always anticipated that inbound tourism would see a material pick up in 2017 thanks to the sharp devaluation of sterling, though the terrorist attacks in London undoubtedly deterred some visitors,” he said.
A surge in numbers throughout the year has buoyed Britain’s tourism and services industries, at a time when 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 visitors coming in the largest numbers, up 240,000 to 2.5m.
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 growth in tourists from June to July was helped by a surge in numbers from the rest of the world, which passenger flight records show came mostly from China and east Asia. Between June and July the number of non-European and US tourists increased from 570,000 to 840,000.
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. However, the overall figures was pulled back by the number of American tourists, which flatlined at 650,000.
Tourism agency VisitBritain said last year that it expected overseas visitors would spend £24.1bn in 2017, up 8% on 2016. But while earnings growth was 18% in March and April, it has since declined to between 2% and 4%.
Staycations were also a feature of the summer months after a fall in the pound hit the number UK residents making visits abroad. Britons travelling to Europe and beyond fell to 6.9m, a 2% decrease when compared with July 2016.
Spending by UK residents on 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.