Lower pound sends UK tourism numbers to yet another record high

The number of foreign visitors to the UK hit another record high in August, providing further evidence that the fall of the pound after last year's Brexit vote is helping the country's tourism industry.

Official industry data published on Friday (17 November) noted that the number of overseas residents coming to the country rose by 5% on annualised basis in August to 3.9 million; the highest number for the month of August on record, and the second highest for any calendar month.

Spending by visitors also spiked 3% year-on-year, with a total of £2.8bn spent on British shores; a record for any month.

In the year till date, the number of overseas visitors the UK rose by 8%, according to a preliminary assessment by the Office for National Statistics.

The pound fell sharply in the wake of the UK's decision to leave the European Union in June 2016, particularly against the dollar, sliding at one point to lows last seen in the 1980s, before mounting a recovery run.

Overall, the pound down by 15% on average against a range of currencies.

However, on the flipside, fewer Brits are opting to holiday abroad. The number of UK residents heading overseas for a holiday in August fell 3% on an annualised basis to 8.9 million. Nonetheless, those who did go, spent more; with the headline figure coming in at £6.2bn representing a rise of 1% year-on-year.

At 13:01pm GMT, the pound was relatively flat against the dollar changing hands at $1.3194, and down 0.24% versus the euro exchanging at €1.1184, as the end of volatile week approaches.