Brexit: Will It Weaken Tourism in London?
Although Britain’s decision to leave the EU was seen as a disaster for many, the tourism industry has seen it as rather great. Although Britain has been getting what some may call “bad press” recently, this publicity has seen more visitors than ever before travelling to the UK to see the sights.
A weaker pound is better for tourists
The other obvious factor at play is that of a weakened pound. When the pound dropped in value after Brexit was announced, there was a sudden 18% rise in international visitors, especially from non-EU countries such as China and the USA. A weakened pound has allowed many to see London and other major UK cities for the first time, inadvertently bringing more foreign money into the UK. The exchange rate suddenly meant that foreign visitors could get a lot more pounds in exchange for their native currencies.
Will Brexit affect tourism in London?
The figures suggest not. London’s rich history and vibrancy have seen it continue to shine on the world stage, continually attracting visitors from all over the globe. During its peak tourist season, London has actually seen a steady 2% increase in visitors after Brexit was announced. Britain’s colonial history and pursuit of increased sovereignty may be seen as patriotic for some, further increasing our reputation as a strong and independent island with centuries of fascinating history. Buckingham Palace and Big Ben represent an idyllic image of Britain, and that’s something that Brexit cannot change.
What can tourists benefit from after Brexit?
As well as attractions and restaurants being relatively cheaper (when compared to their home currencies), hotels and serviced apartments are also seeing a boom. Accommodation in London is by no means cheap, but the weakened pound currently means that many guests can afford luxury apartments and serviced apartments where they could not before. This is great news for the hospitality industry, who may end up better off in the long run.
What does the future hold for London?
Though Britain’s relationship with Europe is uncertain, our landmarks and tourist hotspots continue to stand strong, attracting flocks of visitors from all over the world. We may be in for a bumpy few years in terms of the economy and politics, but that won’t stop people from wanting to visit good ol’ Blighty any time soon.