THE weakened pound has helped to attract large numbers of tourists to the UK — boosting the fortunes of hotels, according to a new report. There has been an 18 per cent fall in the number of hotel insolvencies in the past year, from 98 to 80, according to accountancy firm Moore Stephens. The trend coincided with an increase in the number of international visitors — up by nine per cent in the first six months of the year to 2.5 million. More British people are also staying in this country for holidays, giving more custom to hotels. Moore Stephens said Brexit may have had a negative effect on some UK businesses, however those in the hotel sector have benefited from the effects of the vote to leave the European Union.
Hotel insolvencies have fallen by 9% in the first half of this year , from 98 closed hotels to 80 , reflecting a rise in tourism caused by the weak pound. The number of overseas visitors to the UK rose by 18% in the past year to 80 . Not only has the lower value of the currency drawn custom from overseas, but it has also caused British nationals to holiday at home.