Aside from the fall in the value of sterling, which itself is helping boost inbound tourism, there have been few short-term side effects on the hospitality industry as a result of the Brexit vote. Outbound tourism is also currently little affected by the devalued pound.

However, there have been warnings that this is just a short-term benefit, while the interest rate remains low, and whilst TUI Group and Thomas Cook report trading in line with expectations, rising inflation and high levels of consumer debt remain a concern.

Recent history suggests that it can take a while for underlying economic factors to make their way to the consumer and for this to take effect on spending.

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