McCready’s holiday cabins are fully booked with British tourists avoiding more expensive foreign trips.
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Before last year's Brexit vote, Scott McCready was struggling to fill his holiday cabins on the coast of southwest England.This turnaround in the 10 months since Britons decided to leave the European Union reflects a jump in demand for "staycations," with British consumers seeking ways to make their money go further as rising inflation squeezes their incomes.The referendum result caught financial markets off guard, sending the pound down about 20 percent against the dollar and 16 percent against the euro at one point.With annual inflation pushing up toward 3 percent, outstripping sluggish wage growth, Britons are becoming cautious in their spending – and not just on holidays.The squeeze facing many people in Britain is unlikely to be as sharp as in the years following the 2007-09 financial crisis when inflation hit 5 percent and annual wage growth was even weaker than it is now.That pales in comparison with a 22 percent surge in the number of foreign tourists coming to Britain in the same period.
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