Brits cut back on overseas spending

Figures released today by the Office for National Statistics (ONS) show that UK holidaymakers are still feeling the pinch and have cut back their spending by 16 per cent in the first six months of 2014 compared with the same period last year.

The spending figure, at £12.83 billion, fell despite the number of visits abroad taken by UK residents rising 4% to 27.14 million in the first half of this year.

January to June 2014 saw the pound soar against a number of currencies, including the US dollar and the euro.

In contrast, the first six months of 2014 saw spending by foreign residents on trips to the UK come in at £8.92 billion, which is on a par with last year’s half-year figure, which led to the 2013 year-end total exceeding £20 billion for the first time.

The first six months of 2014 have seen overseas residents making 16.41 million trips to the UK – an 8% rise on the January-June 2013 total.

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