Sterling’s fall can help capital’s tourism thrive

IT IS the nature of any economy that what is good news for one sector is not so positive for another. As such, while some businesses face challenges in the wake of last month’s vote to leave the EU, others are booming. Today we learn that among the biggest winners is London’s tourism industry, as foreign visitors take advantage of the weakened pound. Bookings through Airbnb, for instance, are up 24 per cent month on month.

This is good news for hoteliers, restaurateurs, theatre owners and the like. We should give them credit for making London such an attractive place to visit. Sterling’s fall has undoubtedly given potential tourists another reason to come to the UK. It makes accommodation, meals, flights and theatre tickets cheaper for overseas visitors and means that a trip to London offers even better value than before. Of course, London was already the world’s No 1 tourist destination — a result of its myriad attractions, a vibrant cultural scene, its history and a welcoming atmosphere. Our success in this area isn’t only a short-term consequence of Brexit, just as some of the less positive economic news we have seen in recent days isn’t entirely down to the referendum’s outcome either.

London’s ability to draw big crowds has been aided by the city’s hosting of top sporting events, especially since the success of the 2012 Olympics. With RideLondon this weekend and global events such as the Women’s Cricket World Cup and the World Athletics Championships in 2017, our position as a supreme global sporting host looks secure. London is very much open for business — and all are welcome.