Examination of Witnesses (Questions 218
- 219)
TUESDAY 18 DECEMBER 2007
MARTIN SINGFIELD
AND CRAIG
BEAUMONT
Chairman: Good morning. May I first apologise
for keeping you waiting but the Committee had some previous business
we just had to clear up. This is the third session of the Committee's
inquiry into tourism. I would like to welcome from Visit London
Martin Singfield. the Finance Director, and Craig Beaumont, the
Public Affairs Manager.
Q218 Mr Sanders: How do you perceive
the tourism industry to be performing in London in comparison
to the rest of the UK?
Mr Beaumont: London is the world's
number one international city destination. We have just won Destination
of the Year Award in the World Travel Awards. Last year, which
is the last full year for which we have figures, our visitor numbers
were up 12.5% for in-bound tourism and our expenditure was up
by 14%. It was a record year. Up until that point, London was
doing very well. Our global market share has risen from 1.7% to
1.8%, so compared to our competition, we are growing.
Q219 Mr Sanders: How is your increased
growth being affected by the strength of the dollar against the
pound? What impact is that having and likely to have in the future?
Mr Beaumont: The strength of the
pound against the dollar is a major concern for us, but it has
been the case for quite some time now and our US market grew last
year; it grew by quite a large amount, by 11%. If you stop at
that point, the end of 2006, we were doing very well, despite
the strong pound. We are now seeing more evidence of an impact
of the dollar problem, but it is quite a complicated situation.
While we are now 8% more expensive for a US visitor, the strength
of the pound against the euro has significantly weakened. The
pound has weakened against the euro, which means that we are getting
more European visitors here, and it also means that Europe is
more expensive for US visitors. Competitively, London is actually
in quite a good position.
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