Spending by overseas visitors is set to be worth "almost double" to the UK economy in 2020, according to new research released by national tourism agency VisitBritain.

Analysis conducted by Deloitte and Oxford Economics suggested that inbound tourism expenditure is poised to grow at 4.4 per cent per year from the current £16bn to £31bn over the next decade. The research has also confirmed the tourism industry is now the UK's fifth largest sector, worth £115bn to the economy and in line to outstrip manufacturing, retail and transport growth over the coming years.

VisitBritain chair Christopher Rodrigues said: "This research reaffirms the importance of tourism to the British economy. Tourism is a powerful economic driver, and investing in tourism delivers immediate economic benefits. "We now have the catalyst of being host to the London 2012 Olympic and Paralympic Games to revitalise the welcome we offer the world, and I hope this research will underline what a historic opportunity we all have to work with."

Publication of the research coincided with shadow chancellor George Osborne's speech to delegates in Blackpool, which outlined the Conservative Party's plans to support the tourism industry if it wins the next General Election. Image: Britain On View