Tourism Vs Financial Services
There are some clear beneficiaries of the devaluation of sterling, and London’s hotel and events venues are some of these, according to a recent release from London & Partners. Enquiries and bookings have risen 40% y-o-y in the months following the vote, with a number of planners reportedly requesting to settle bills in advance. This boost to tourism numbers should bleed out into the wider economy, including London’s retail and leisure venues. The value derived from the c.19m tourists to London each year is estimated at over £15bn, with the prospect of significant growth. An interesting comparison: the UK is estimated to export a similar c. £15bn in financial services to the EU each year.