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Economic Contribution of UK hospitality industry Assignment

   

Added on  2021-02-19

1 Pages854 Words185 Views
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Economic Contribution of UK hospitality industry. 2019. [Online]. Available Through: <https://www.oxfordeconomics.com/my-oxford/projects/296333>. ReferencesThis sector has made relevant endeavour for economy of UK for generating higher employmentopportunities which provides enhanced per capita income for nation. It will render assistance forsustaining higher standards of living. Due to this industry, sectors like travelling, sight-seeing,shopping, etc. get enhanced as well as developed which leads to entire development of nation.Similarly, international tourism has made its effectual contribution towards sustainabledevelopment of United Kingdom in terms of economy. The reason behind this is that, theyconduct their operations by way of air. Along with this as they operate from internationalnations, it is most likeable that shopping will be carried out by travellers which will lead towelfare as well as growth of economy of UK. Furthermore, franchising and licensing will alsomake their contribution for appraisal and establishment of hospitality organisation withinparticular nation. This will lead to generation of high taxes and gives strong boost for economyofspecificcountry.Contribution of Hospitality industry in international, national and localeconomiesDue to increasing figures of travelers or visitors with each upcoming year, hospitalitysector is developing constantly at fast pace. This creates an affirmative impact on economyof local, national and international countries. Tourism industry has contributed relevantlywith development as well as growth of nation and country. Tourism is defined as processof movement or travelling from one country to other country for different reasons likeleisure, vacations, exploration, business, etc. This leads to creation of increased demandsfor products and services. Hospitality industry in United Kingdom has evolved rapidly for generation oflarge scale demands along with employment options for localities. This industry isrendering various jobs to around 2.4 million persons as presented by statistic reports of2017. Along with this, around 1.2 million business setup have been initialized. It isconsidered as fifth largest sector of United Kingdom with maximal quantum of population.Hospitality industry has generated large revenues and they have accounted to around£90billion which is a substantial contribution within taxation of country (£34billion).Apart from this, VAT for restaurants has also rendered around 54000 jobs within nation(Economic Contribution of UK hospitality industry, 2019).Contemporary Hospitality Industry
Economic Contribution of UK hospitality industry Assignment_1

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