PESTLE Analysis of Event Industry in UK

982844: PESTLE
ANALYSIS OF
EVENT
INDUSTRY IN
UK

Table Of Contents
Introduction....................................................................................................................3
PESTLE Analysis Of The Event Industry In UK..........................................................3
Political Factors..........................................................................................................3
Economic Factors.......................................................................................................4
Social Factors.............................................................................................................5
Technology Factors....................................................................................................6
Legal Factors..............................................................................................................7
Environmental Factors...............................................................................................7
In-depth Discussion Of The Two Factors Of PESTLE..................................................8
Conclusion....................................................................................................................10
Reference List..............................................................................................................11
Introduction
The event industry operating within the UK provides an opportunity to the nation to
establish itself as one of the most favourable destinations across the entire globe for
the performance of business activities. At the very same point of time, this sector has
paved the way for the real growth of the UK events by means of providing the scopes
to local forms to reveal their performances. This has led the local firms within the
industry to take the form of vital international business while operating within the
nation. Thus the event industry that operates within the UK have gained and accrued a
global reputation and attracts for the leaders across the globe who have the desire of
holding there events within the UK (Dale, et al. 2016). This has enabled the industry

not only to contribute to the economic development of the UK but have also
developed the connection with the global leaders and business thinkers to debate,
discuss, share, learn, and innovate within the nation. The enhanced performance of the
event industry within the UK economy has enabled the engagement of the leaders and
institutions of the nation in their specific and requisite fields. This has ultimately
brought about an invaluable endowment of knowledge for the nation as a whole and
have established for some connections and businesses that will benefit the economy
for decades.
The present task will consider for the elaborate discussion of the PESTLE analysis of
the event industry operating within the UK and will attempt to figure out the factors
that will promote for the future of the industry.
PESTLE Analysis Of The Event Industry In UK
The PESTLE Analysis of the event industry will enhance the understanding regarding
the macro environment regarding the operation of the event industry within the UK.
These will comprise of the external institutional factors that are out of the influence of
the industry (Oliver Cazorla, 2018). This will thereby enable the identification and
evaluation of the macro-environmental issues and enhance the understanding of
business potential, position, and direction while operating within the national as well
as the international market segments.
Political Factors
The stability of the nation and the attitude of the government of the nation towards an
industry and the overall market is a very vital factor regarding the effective operations
of the business organizations. Apart from that the tax system followed within the
nation, security of the firms operating under an industry, and the structures followed
for the state costs are also very essential factors in regards to the operation of an
industry. While these can bring about the positive impact on the industry, the
influences that are caused by the wars, nationalization and other such issues can be
considered to have negative influence on the performance of the industry (Sadgrove,
2016). UK serves to be a constitutional monarchy which is carried out under the
influence of the parliamentary system. The political stability of the nation has
provided for a huge support to the industry that operates within this nation. However,
the issue related to the Brexit have created the scopes for political debates and

uncertainties for the event industry of the UK (Atighechian, et al. 2016). However, in
this context there are some nations across the globe that believe that Brexit have
enhanced the chaos and thus have limited the scope for the performance of the
industries within the event sector of the UK. But also there are some other nations that
view Brexit to have opened the doors of huge opportunities for the nation.
The present corporation tax rate within the economy for the profit of the event
industry is 19%. However, this rate is about to decline to 18% during the financial
year starting at 1st April, 2020 as declared by the government (GOV.UK, 2019).
Added to that the UK has also been a preferable destination for the FDI (foreign direct
investment). Numerous business organizations across the globe invest within the
event sector of the UK and thereby the entire sector has successfully drawn the
enhanced interest from the overseas nations.
Economic Factors
The vital factor that may influence the performance of this sector is the buying power
of the customers as well as the market. The growth of the wage rate, savings, the rate
of interest within the economy, the availability and accessibility of loans, value of the
currency, and the confidence of the consumers on the value of the currency as well as
the economy are all such factors that may determine for the economic forces within
the event industry within the UK (Lundberg, et al.2017).
The economic landscape of the UK economy is stronger as compared to that of many
other nations across the entire globe. The nation is the 5th largest nation across the
entire globe in terms of nominal GDP. The recession within the economy during the
global economic crisis of 2008 had been a trouble for the industries operating within
the nation but the moves made by the government had enabled the event industry
within the nation to cope up with the situation. With the weakening of the Pound
Sterling with the decision of Brexit, the price of the real estate has increased and there
also has been an increase in the cost of imports. These are the two most essential
factors that are vital for the successful operation of the industry (Robinson, et al.
2016). To meet the demand of ambience of the events conducted by the international
clients it is very essential for the industries within the event sector to import the
materials and with the weakening of Pounds upon Brexit, the cost of the imports have
inclined. However, while the organizations within the sector offers for the business