Brexit boost for UK superyachts

SALES of luxury British superyachts have sailed past £3bn in a bonanza not seen since the financial crisis.

They are on course for a further boost this year thanks to the post-Brexit fall in the pound which has increased the buying power of foreign consumers.

Industry body British Marine said boat builders which export overseas are confident of a continued boost in demand.

The show of confidence came as sales across the industry rose 1.6pc to £3.01bn in the year to April 2016 – the first time revenues breached £3bn since 2008/09. And while confidence dipped immediately after the Brexit vote, it finished the year up 10pc.

Howard Pridding, chief executive of British Marine, said: ‘The industry remains robust – revenue is growing and we are taking on more staff.’

The weaker pound has also driven tourism spending, with overseas visitors up 2pc and domestic tourists up 1.8pc, boosting boat hire businesses.