Royal fans boost tourism in inflation-stricken UK – Times of India

0
12


Royal fans have poured into the heart of London to experience the flag-lined roads, pomp-filled processions and, above all, brave a mile-long line for the once-in-a-lifetime chance to say goodbye to Queen Elizabeth II. And while they’re here, they’re packing hotels, restaurants, and shops.
Visitors entering central London from as far away as the US and India before the historic moment are giving a boost to businesses at a time when the UK economy is facing a cost of living crisis fueled by top inflation. in four decades and predictions of an impending recession.
“This is history, you know, this happens once in a lifetime,” said Kanakkantt Benedict, who was visiting from India with his wife. “So we became part of it. ”
Hundreds of thousands are expected to pay tribute to the Queen ahead of her state funeral Monday, boosting demand for London hotel rooms, which in some cases have doubled in price. According to Hotelplanner, the occupancy rate could reach a record high of 95%. com.
The UK economy is reeling from rising energy prices from the Ukraine-Russia war, which is causing the worst cost of living crisis in a generation. Inflation is the highest in the G7 economies at 9.9%. Hence, the money spent by visitors offered a glimmer of hope. “Yes, in the short term, the holiday is likely to reduce productivity,” Tim Hentschel, CEO of Hotelplanner. com said. But “the overall momentum of the tourism the coming days and months will be much greater than the short-term loss.





Source link

LEAVE A REPLY

Please enter your comment!
Please enter your name here