The Bank made its prediction prior to the referendum, based partly on the weakness of the pound, which was down 9 per cent against the euro. That effect could be compounded following the vote for the UK to leave the European Union, which saw the pound tumble further.
Industry experts are now predicting Brexit could have a similar impact on the tourism industry to that of the 2008 financial crisis, with more people opting for "staycations" instead of travelling abroad.
As the recession deepened in 2009 the RHS, Kew and National Trust sites all saw increases in visitors, which they attributed to rising numbers of people staying in the UK for holidays.
A falling pound could also mean more international visitors coming to the UK. However Bernard Donoghue, director of the Association of Large Visitor Attractions (ALVA), has warned that the international media coverage could have a negative impact on the sector. He also pointed out any change in visa requirements tends to reduce visitor numbers from the affected region.
ALVA represents many National Trust sites, RHS and botanic gardens and estates such as Chatsworth House. This year its figures showed garden visitor numbers were up, which Donoghue partly attributed to international visitors being enticed by the weak pound.