When the ‘gold rush’ hits London and the West Midlands
London: The boom of the Gold Rush has arrived in the UK and it has taken a major toll on the West of England.
It is one of the worst-affected areas, with the majority of people living in London, according to a new report.
The city’s tourism industry is suffering as people head for the Gold Coast and its surrounding region.
The West Midlands region is expected to grow by more than 15 per cent over the next five years, but the region is struggling to attract visitors to the tourist hotspot.
The report from the Centre for International Economic Studies found the city’s population is expected rise by 5.3 per cent in the next two years.
The regional economy is expected lose an estimated $6 billion, with hotel revenues falling from $3.6 billion to $2.9 billion.
It says a “major surge” in international tourism from China and South Korea will lead to a $1.2 billion hit to the region’s economy by the end of 2020.
“The region is facing a severe downturn in the tourism sector as many foreign visitors will be unable to make a living in the region,” the report says.
“However, the region will suffer a significant economic impact in the longer term, particularly as the region becomes a major hub for international trade, with a significant impact on the regional economy.”
London has been hit hard by the tourist boom, with its population expected to drop by more in the first half of 2020 than in the previous two years, the report said.
“Despite the massive increase in demand for accommodation in the West, many hotels are not meeting this demand, and the number of hotel rooms available is likely to fall by 30 per cent by 2020.”
The region’s overall tourism expenditure is expected grow by $1 billion over the year.
In its report, the Centre says: “The London and other major tourist hubs will suffer particularly severely from the increase in foreign visitors to London and elsewhere in the East Midlands, and that is particularly likely to be true of those who already live there.”
Tourism in London is already in trouble due to the high cost of living.
The average house price in London rose by $2,857 last year, the most since 2011, according the London Property Council.
A study published in January found London’s population was the worst performing of the UK’s major cities.
The study also said London was the least productive in the world when it came to exporting jobs.
The findings come after a series of attacks in London and London Bridge, which were claimed by Islamic State militants.
The attack killed eight people.
London is also the target of another wave of terrorism, as the capital is the home of the Olympics and the City of Light, the London Eye, the National Gallery and Parliament Buildings.
The attacks also left scores of people injured.