It is the nature of any economy that what is good news for one sector is not so positive for another. As such, while some businesses face challenges in the wake of last month’s vote to leave the EU, others are booming. Today we learn that among the biggest winners is London’s tourism industry, as foreign visitors take advantage of the weakened pound. Bookings through Airbnb, for instance, are up 24 per cent month on month.
This is good news for hoteliers, restaurateurs, theatre owners and the like. We should give them credit for making London such an attractive place to visit. Sterling’s fall has undoubtedly given potential tourists another reason to come to the UK. It makes accommodation, meals, flights and theatre tickets cheaper for overseas visitors and means that a trip to London offers even better value than before. Of course, London was already the world’s No 1 tourist destination — a result of its myriad attractions, a vibrant cultural scene, its history and a welcoming atmosphere. Our success in this area isn’t only a short-term consequence of Brexit, just as some of the less positive economic news we have seen in recent days isn’t entirely down to the referendum’s outcome either.
London’s ability to draw big crowds has been aided by the city’s hosting of top sporting events, especially since the success of the 2012 Olympics. With RideLondon this weekend and global events such as the Women’s Cricket World Cup and the World Athletics Championships in 2017, our position as a supreme global sporting host looks secure. London is very much open for business — and all are welcome.
Nuclear decision time
The Government’s surprise decision to delay approval of the new nuclear power station at Hinkley Point has raised the prospect that the £18 billion project, which is meant to play a key role in providing Britain’s future energy supplies, will be scrapped. Ministers say the reason for the delay is that Theresa May’s new government needs time to “consider carefully” the deal thrashed out with the French firm EDF, which will build the nuclear plant, before agreeing to a project that will add £30 billion to household fuel bills over 35 years.
This desire for further scrutiny is understandable and in keeping with Mrs May’s reputation for thorough analysis of the facts before making decisions. Critics hope the huge costs, doubts about the technology, and the emergence of alternative power sources will convince Mrs May to veto Hinkley Point. That would be a shame. If the obstacles can be overcome, the plant will bring 25,000 jobs, clean energy and important European investment into this country.
More important, the Hinkley conundrum illustrates the need for more vision and decisiveness in government. The argument in favour of Hinkley is more pressing because dithering on energy policy over decades has left the country facing potential power shortages in the years to come. As BA supremo Willie Walsh points out today, there has been the same indecision over Heathrow. Whether Hinkley goes ahead or not, what this country requires is clear decision-making. We hope Mrs May will deliver that.
A happy violin encore
How wonderful that Krysia Osostowicz has been reunited with her violin just days after it was stolen while she was unlocking her bicycle. Remarkably, a woman tried to pawn the instrument for £50 — rather less than its real value of £200,000. But of course, you can’t put a price on great music. The violin’s return will ensure there is more of that from Krysia’s bow. Encore!
