27th November 2017.
Pound Slump Offers Boost to UK Hotels
There has been a noticeable drop in the number of UK hotel insolvencies in the last year as the fall in the Pound attracts more tourists, new research has revealed.
A study, published by accountancy firm Moore Stephens has found that fewer than 1 per cent of hotels are now at risk of being insolvent, on account of a recent influx of tourism.
The pound has lost around 10 per cent of its value against the US dollar, and around 13 per cent of its value against the euro, since the June 2016 Brexit vote.
British people are increasingly opting to stay at home for their holidays, also largely because of the higher cost of travelling abroad.
Despite this uplift however, Vincent Wood, partner and head of hotels at Moore Stephens, says that the Brexit vote hasn’t purely been good news for the sector.
He says that the service industry is already suffering from a shortage of staff as a result of the referendum, because fewer European nationals are eager to work in the UK.
James Salmon a Director at the Credit Protection added “The fall in the pound, while causing pressure for importers, has been vital for the UK economy overall, in it’s ability to combat the uncertainty surrounding Brexit. It is is good to see such sectors of the economy taking advantage of our increased competitiveness internationally”
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