‘Staycation’ boom following Brexit expected to be worth extra £1.4bn:
The boom in “staycations” following Brexit is expected to be worth an extra £1.4bn to the UK economy, new figures have revealed.
While the surge in UK holidays after the 23 June vote had been predicted, the findings by the industry’s leading bodies show a huge rise both in visitors from abroad and in Britons opting for a “staycation”.
The extra takings in 2016 for “staycations” alone are set to be £2.4bn, according to the Tourism Alliance, whose members include the British Hospitality Association, ABTA and regional tourist boards. While £1bn of that was spent before 23 June, the total additional “staycation” income for 2016 is expected to be £1.4bn. An extra £725m has been spent so far across Britain’s popular tourist destinations with more set to follow – thanks to the growth in foreign visitors.
The falling pound since the Brexit vote has made holidays more expensive for Britons going abroad and cheaper for foreign tourists coming to the UK – giving Britain’s tourism a double boost. And the extraordinary growth in holidays in Britain means the industry is set for a record-breaking year, topping the high set in 2015 of nearly £1.3bn.
Other factors adding to the boom are recent fine weather, low interest rates and fears of terrorism overseas. The Tourism Alliance estimated spending by Britons on UK holidays has been up by 17% on 2015 so far this year. Alliance director Kurt Janson told the Mail on Sunday the additional £2.4bn had the potential to create about 40,000 new jobs in tourism and hospitality.