Pound decline has not done much to boost tourism in the UK, Economy News & Top Stories

LONDON (BLOOMBERG) – Brexit has sent pound pounding and made holidays in the UK cheaper, but it has not made the UK a more attractive place to visit.

According to the World Economic Forum's Tourism Ranking, released on Wednesday (September 4), the United Kingdom actually fell from fifth to sixth most competitive nation for travel this year. Among the top ten countries, it was the only nation to fall in the rankings, overtaken by the United States.

The decline was due to a decline in the UK's international openness score, which the UK now ranks as 23rd in the world, and for its business environment.

The pound plunged when the UK voted to leave the EU in 201[ads1]6, losing over 13 per cent of its value against the dollar in two weeks. This week, it fell below $ 1.20, a level not seen since January 2017, when Prime Minister Boris Johnson suggested he could push for an election if parliament voted to postpone Brexit again.

In theory, a fall in the value of a country's currency should be a boon to tourism, as it increases the purchasing power of those serving in different currencies and encourages foreign visitors. Britain's fall in the WEF's ranking suggests that other potentially Brexit-related factors may have offset the falling pound.

According to the latest data from the Office for National Statistics, 3.3 million tourists visited the UK in May last year, more than 5 per cent from last year.