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Brits spend sums of money overseas

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Brits 'spend increasing sums of money overseas'

New figures have revealed that the amount of money that is being spent by UK adults overseas is on the rise.

Information gathered by the Office for National Statistics (ONS) has indicated that an estimated total of £32.6 billion was spent by British nationals abroad in 2012.

This is an increase of three per cent when compared with the equivalent data recorded for the previous year.

What makes these results even more positive is the fact that the actual number of trips made abroad by Brits was unchanged.

A total of 56.6 million visits overseas were made by individuals from this country throughout 2012 - which is virtually unchanged when compared with the data compiled for 2011.

International visits for business rose by two per cent on an annual basis in the timeframe.

This could suggest that more people are looking to make a business money transfer when they spend time out of the country.

While the national economic situation has been looking bleak for some time, this positive data comes at a time when things could be looking up more generally.

A forecast paper on the UK's economic growth prospects for the next 12 month was recently published by the National Institute Economic Review (NIER).

It was indicated that while the nation saw zero growth in 2012, this could be set to expand to 0.7 per cent in 2013.

Furthermore, it was also suggested that this could be the start of a more sustained economic recovery, as growth is predicted to increase to 1.5 per cent in 2014.

"Overall, the concern should not be whether or not the economy shrank slightly at the start of 2013 to fulfil the 'technical' definition of recession, or whether (as we expect) there is slight growth; but on the broader question of whether stagnation persists throughout 2013," the NIER stated.

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