The Advantage Travel Partnership said it is continuing to see a "dramatic spike" in last-minute bookings, despite a 14th successive hike in interest rates on Thursday (3 August), with the rate now standing at 5.25%.
The consortium said the upturn in business came as Brits look to escape the recent bouts of rain and wind in the UK, opting to use their disposable cash on travel instead of other areas of discretionary spending.
Advantage chief executive Julia Lo Bue-Said said the UK’s outbound travel industry appears to be "bucking the trend once again" with the latest interest rate rise indicative of lower spending and high prices.
