Beleagured retailers could gain some respite from the recession due to a weakened pound, according to recruiters.

Sterling, trading at $1.50 US dollars and 1.10 euros, has caused European and American tourists alike to take advantage of the favourable exchange rate, according to Stephen Selby, managing director at retail recruiter Success Appointments.

“If it carries on until the summer, you will get Russians looking to buy property here and Americans spending their dollars because they are getting a fantastic rate here,” Selby says.

Julian Howell-Jones, chief executive at retail staffing firm Star Executives, told Recruiter: “Some of the clients we have got in Central London are saying it is just about to take hold. For Europeans, the exchange rate is dramatic in terms of prices. It is almost a reversal of the booze cruise. It’s a glimmer of optimism in what has been a difficult few months.”