Pound to Euro exchange rate after Brexit sees record tourist spending in London

The post-Brexit fall in the value of the pound has unleashed a huge London spending boom by foreign tourists in what is now one of the world’s cheapest major cities.

Families are able to save hundreds of dollars or Euros a week compared with this time last year because of the dramatic devaluation of sterling in the weeks after the Referendum, according to new research.

A typical family of four from America would be at least $140 a day better off after paying for a night in a hotel, a visit to a major attraction and an evening at a West End show, it found.

A family from Europe could save around €115 a day, while average savings for a Chinese family could amount to 825 yuan a day, according to calculations by tourism body VisitLondon.com,

The dollar exchange rate averaged £0.7740 from July to the end of October, a 13 per cent appreciation since the eve of the June 23 Referendum.

The euro has been worth an average £0.8610, making it 11 per cent stronger, while the Chinese yuan renminbi rate was £0.1158, a 12 per cent rise.

The savings are “turbo charging” spending in central London’s stores with new figures from retail consultants Global Blue showing sales to foreign tourists from outside the European Union shooting up by 38 per cent in August and 31 per cent in September compared with the same months last year.

Mayor of London Sadiq Khan, said the data “clearly shows London is open to visitors from around the world and offers them great value for money.

Tourism is crucial for our economy and we welcome anyone who wants to come and enjoy what London has to offer.”

Chris Gottlieb, marketing chief at the Mayor’s tourism promotion body London & Partners, said: “London is fantastic value for overseas visitors right now, and the savings that a family of four can typically expect to make at the moment can be a great excuse to add an extra day to their holiday, and explore more of our incredible city”.

The surge in tourism since the Brexit vote means the capital is on course to beat last year’s record breaking totals for foreign visits.

In the first six months of 2016 8.8 million overseas visitors came to London, and since the 2012 Olympics the number of international visitors coming to London has increased by over 20 per cent.