Research has revealed that overseas residents made 3.5 million trips to the UK in June 2017, up 7% on the same period in 2016.

These visitors have an average budget of £3,443 and spent a total of £2.2bn in June, 2% more than the year before.

Three-quarters (75%) of UK adults have been on – or are planning – a UK staycation this year, up from 70% in 2016.

However, the average amount spent on a staycation in 2017 has fallen by 14% to £530 (2016: £613).

Just under a quarter (23%) of those spending less said it was because they have less money than a year ago, while one in ten (11%) cited increased living costs.

A further one in ten (10%) were cutting back on all holidays to save money for the future.

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Ian Rand, CEO of Barclays Business Banking, said: “While it’s good news for the UK economy that more Brits are opting to spend their holidays in the UK, our poll shows purse strings are being tightened and domestic spend is down.

“However, the weak pound is attracting growing numbers of inbound tourists, which is having a healthy impact on SME businesses in the accommodation and food services sectors.

“It is essential that UK businesses plan ahead and carefully position themselves to take advantage of the opportunities both domestic and overseas tourists can offer.

“Our research shows the value of both and its crucial businesses market their products and services to cater for a global market and diversify between seasons."