As the pound continues to drop on the stock market, one UK industry is currently seeing a sudden surge upwards: the tourism industry.
Whilst the UK remains one of the most visited countries in the world – particularly its cultural centres like London and Edinburgh – a weaker pound is coaxing international visitors to UK shores.
Recent data from a UK travel firm have revealed that tourists from China to the United Kingdom has increased by almost a fifth, with long-haul flight bookings to the UK increasing by 6% from last year.
Falling Pound
The pound has been struggling for weeks after endless political uncertainty about the Conservative Leadership race for Prime Minister combined with general turmoil over Brexit.
Rates hit a 31 month low against the dollar as Boris Johnson was announced as the new leader, installed his new cabinet and sparked increasing fears of the UK crashing out of Europe without a deal on October 31st.
Analysts have argued that a weaker pound is more attractive to tourists, who now have increased spending power when they travel.
Moreover, it’s not just China – Indian visitors have increased by 20%, the Japanese at 10% and even the Americans have increased their visitation by 5% since 2018.
Tourism Office Figures
The tourism office ‘Visit Britain’ also released figures this week suggesting that increased tourism to the UK was due to a weaker pound.