Figures released this morning by the Office for National Statistics suggest that Britain is on track to record its best ever year for inbound spend.

The amount spent so far in 2013 remains at record levels, some 11 per cent above the first eight months of 2012.

Between January and August 2013 overseas visitors have spent £13.7 billion in the UK.

Over the last 12 months the amount spent by overseas visitors has reached a new milestone with £20 billion being spent over the last year.

We are now starting to see visits breaking records too, with holiday trips breaking monthly records for the fourth consecutive month, and the UK welcoming more inbound holiday visits in August (up 19 per cent) than any previous month.

The first eight months of 2013 have seen more holiday visits to the UK than the same period in any previous year, seven per cent more than the first eight months of 2012.

Rest of World markets (outside Europe or North America) continued to break records, with visits up a notable 28 per cent in August, to their highest ever for a single month.

Visits were 13 per cent up over the first eight months of the year to another record.

North America continues its recovery, with visits 14 per cent higher than in August 2012 (making it the best August since 2009).

Sandie Dawe, chief executive of VisitBritain said: “More people than ever from around the world are choosing to holiday in Britain. With record numbers coming from the high spending markets of Latin America, Middle East and Asia Pacific.

“This all adds up to a new milestone of spend over a 12 month period of £20 billion, which proves the massive contribution that inbound tourism makes to the UK economy.”