Developing Global Hospitality Brands in UK

Added on - 21 Feb 2021

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Similarly, the international tourist alsoprovides strong contribution in UKeconomy, because they travel by air, whichincreases the revenue for the airways andtravel and tourism industry. Then beingfrom the international countries, they willalso do shopping which will contribute inthe development and growth of the localeconomy. Furthermore, the franchising andlicensing has an immense contribution indeveloping global hospitality brands in UK.Thus, they will generate higher level of taxfor the country and improves the overalleconomic condition of the UK.International EconomyThe UK hospitality industry is very immense and ithas generated the large number of employmentopportunities for the local people. It has employedaround 2.4 million people as per the 2017 data and1.2 million in around 170,000 commercial set up.Therefore, it is fifth largest industry in UK that isproviding employment to many people and help toraise their standard of living. This industry hasgenerated the revenue of £90billion and out of whicharound £34billion become part of GDP and nationalincome of economy. Apart from this, VAT rate fromthe restaurants has also created the 53900 jobs in thecountry as government charge very high rates.The hospitality industry has major contribution in UKeconomic development because of creation ofemployment opportunities, the vast number of peopleare employed and contributes in per capita income(GDP) of the country, which further helps to raisestandard of living of the people in the country. Inaddition, there is creation of business in case ofshopping, travels, sightseeing and many more, whichfurther leads to overall growth, and development ofcountry.Local and National EconomyHospitality industry is having huge growth prospectusbecause of increasing number of tourists and travellers.This provides certain benefits to local, internationaland national economies of country. There is majorcontribution of hospitality industry in growth, survival,GDP and development of economy. This is generallyconcerned with travelling to place other than homecountry for leisure, vacation, businesses etc. thiscontribution led to increase in demand of products andservices.Contribution of Hospitality in EconomyContemporary Hospitality Industry
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