Businesses dependent on tourism are reporting a drop in turnover of 10 to 25 per cent.
However, experts say a recent warm spell, coupled with the success of Team GB, has seen a late surge in holiday spending.
It may be too late though for many businesses which are feeling the effects of prolonged bad weather, and people staying at home to watch the Olympics.
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Yamaha rider Jorge Lorenzo set the pace in practice for Sunday's British Grand Prix.
It will be a dry and bright start to the Bank Holiday Weekend before heavy, showery rain arrives on Sunday.
Ipswich Town are closing in on Australian winger Tommy Oar and have also agreed a deal to sign Polish defender Piotr Malarczyk.