Official figures from the Office for National Statistics reveal visits to the UK by overseas residents are up by six per cent in the year to date.

Holiday visits continue to grow and are up eight per cent over the past twelve months compared with a year earlier.

Business visits and visits to friends or relatives have also shown some growth over the same period, the ONS said.

In the three months August to October 2013, estimates of earnings from overseas residents to the UK continue to rise and are up eight per cent compared with the same months a year earlier.

The number of visits abroad by UK residents is up two per cent in 2013 to date (January to October) compared with a year earlier.

UK residents’ expenditure abroad is up four per cent over the past twelve months compared with a year earlier.