Published on : Saturday, March 25, 2017
Hotels, restaurants and shops in Britain are immensely profiting from visitor increase to make the most of weak pound. However, economists believe that rise in number of tourists as a result of improved export will boost British economy through Brexit turmoil. Sterling dropped by 15 percent against major UK currencies making British goods in foreign countries easy to available taking the profits of export countries to further heights. As per the Office for National Statistics, in January, more than 2.8 million visitors came to the UK which is an 11 percent up than last year.
To quote Howard Archer, chief UK and European economist at IHS Markit, ‘’ The data from the ONS indicate that the sharply weakened pound is encouraging more visits to the UK from abroad and more spend by visitors. This is especially true of North America, which ties in with the pound’s fall being most pronounced against the US dollar.’’
Europe supplies a huge number of visitors every year to Britain which was measured 2.2 million-2.8 million in January this year. Majority of those tourists came from North America while 460,000 from other countries. In comparison to the last year, number of tourists from North America increased by 19 percent and from Europe by 13 percent respectively.