With the right economic and policy environment, the hospitality industry could increase its direct contribution to the economy by £29 billion and create half a million new jobs by 2027. In the newest report launched at UKHospitality’s summer conference reveals that in the past six years, hospitality has increased its annual economic contribution by £20 billion to £93 billion. Alongside this, the employment sector has risen to 3.5 million, making the hospitality industry the third largest employer in the country.
The report, created by Ignite Economics, explains how hospitality operates at the centre of the economy. In 2022 alone, hospitality contributed to £54 billion in tax receipts to the Treasury, further generating £20 billion in exports and £7 billion in business investments. Despite the pandemic and stifling economic growth, it is clear to see just how much of a powerhouse the hospitality industry is.
The report showcased that if the industry can continue to stimulate growth, bear down on inflation and have a supportive environment policy in place, the sector has the potential to deliver another £29 billion to the economy annually.
