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Published on : Sunday, August 20, 2017
Tourism has been one of the most successful components of the UK economy recently, which can be owed in part to Brexit. The weaker value of the pound since the Brexit referendum vote denotes that the UK is now a much affordable destination than before.
Many mainland Europeans, Americans and Chinese people are taking advantage of this situation. The Buckingham Palace and the Westminster Palace are the two most important crowd pullers. Two-thirds of the international visitors enjoying London’s sites, Cornwall’s beaches and Edinburgh’s Royal Mile are from the rest of the European Union.
VisitBritain forecasts that there’ll be a 6% rise in the number of international visitors in 2017, with a majority of that number coming from France.
VisitBritain’s director Patricia Yates says, “The currency is in our favour. It might motivate more people to come.”
The Olympics in 2012 helped in this tourism boom, which showcased Britain’s historic towns, picturesque villages and stunning national parks. Forward Keys, which monitors flight bookings, suggests international arrivals to the UK will be 9% higher for August to October this year compared to the same period of 2016. Bookings from China are up 20%, and those from the US are 23% higher.
Visitors are also spending more when traveling to the UK. VisitBritain predicts tourists’ spending will surge by 14% this year.
“There are some factors putting downward pressure on the pound, and some other things putting upward pressure on the euro,” says Paul Hollingsworth of Capital Economics.
Stores report sales of pricey jewellery and high fashion items have been increasing the most. The large American hotel chain, Hilton, has 138 hotels in the UK, and is planning to open 30 more, partly because of the tourism boost spurred by the fall in sterling. The company says it has seen double-digit growth in the UK over the past year.