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.
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.