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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.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.Britain's $2.6 trillion economy surprised almost all forecasters by withstanding the initial shock of the Brexit vote, a point made by Prime Minister Theresa May Tuesday when she called a snap June 8 election.With annual inflation pushing up towards 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.Britons have not suddenly given up foreign travel.That pales in comparison with a 22 percent surge in the number of foreign tourists coming to Britain in the same period.The pound is currently trading at about 1.19 euros, keeping the economic advantage firmly in favor of Britain.
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