It has become a symbol of our austere times. The idea that Britons in fear for their jobs are now driving to Totnes for a week in a tent rather than flying to Tuscany to tour the palazzi has taken root in the consciousness of a recession-weary nation.

But while they may not know it, by spending the summer at home holidaymakers will be one of the important forces driving the UK economy forward during the next few years. After the financial crisis left Britain carrying far too much bank, consumer and government debt, the pound is now worth about 20 per cent less against both the euro and the dollar.