Visiting the U.K. just got wicked cheap
The U.K. is cheap right now.
Visitors are flocking to Britain, taking advantage of the sharp decline of the pound brought on by the U.K.’s plan to exit from the European Union.
Britain saw a 17 percent increase in foreign visits in November compared to the prior year, the biggest year-on-year increase in the past three years. The plunge in the pound, which gathered pace after Britons voted in June to leave the EU, has left the pound at a 30-year low against the dollar.
Roughly 1.5 million North American tourists visited Britain during the third quarter of 2016, Reuters reported, up more than 10 percent from the same quarter during the prior year. These travelers spent roughly 17 percent more than similar visitors did during the same period in 2015.
The influx of foreign tourism could help the British economy during an uncertain period, as the government begins the process of negotiating its withdrawal from the EU. Economists have warned that the uncertainty of process could dent British GDP, but so far, the economy has been surprisingly stable. Recent numbers show the U.K. economy by grew 2 percent in 2016, down only slightly from 2.2 percent in 2015.