Britain is set to boom as a tourist destination over the next decade helped by a weak pound and major events such as the Olympic Games.

A report from Deloitte and Oxford Economics, commissioned by Visit Britain, predicts that the value of tourism to the UK will increase to £188 billion a year by 2020 – currently the sector brings in around £115 billion per annum.

This increase of 60% over the decade would represent an annual growth in tourism revenue of more than 3.5% in each of the next 10 years.

The number of jobs supported by tourism over this period is predicted to rise by 264,000 - from the current 2.63 million roles to 2.89 million by 2020.

Deloitte and Oxford Economics predict that spending by overseas visitors will almost double from £16 billion to £31 billion in 2020, which would make tourism Britain’s fifth biggest industry and the third largest earner of foreign exchange.

Visit Britain chairman Christopher Rodrigues said: “This detailed and rigorous report is enormously encouraging. It demonstrates that the industry has the power to deliver a huge amount of extra wealth and jobs to Britain in the coming decade.”