A Comprehensive Report on the Economic Contribution of UK Hospitality

This report examines the economic contribution of the UK hospitality industry, highlighting its significant impact on the national and local economies. The industry, fueled by increasing tourism, generates substantial revenue, creates numerous employment opportunities, and contributes significantly to government taxation. The report emphasizes the role of international tourism, franchising, and licensing in fostering industry growth and economic development. It analyzes the industry's evolution, its contribution to employment figures (2.4 million jobs in 2017), and its substantial revenue generation (£90 billion) along with its contribution to taxation (£34 billion) and VAT contributions, demonstrating the hospitality sector's vital role in sustaining and enhancing the UK economy. The report also highlights the role of VAT for restaurants which has rendered around 54000 jobs within nation. The report provides key insights into the importance of the hospitality sector for the UK economy.

Contemporary Hospitality Industry
This sector has made relevant endeavour for economy of UK for generating higher employment
opportunities which provides enhanced per capita income for nation. It will render assistance for
sustaining 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 sustainable
development of United Kingdom in terms of economy. The reason behind this is that, they
conduct their operations by way of air. Along with this as they operate from international
nations, it is most likeable that shopping will be carried out by travellers which will lead to
welfare as well as growth of economy of UK. Furthermore, franchising and licensing will also
make their contribution for appraisal and establishment of hospitality organisation within
particular nation. This will lead to generation of high taxes and gives strong boost for economy
of specific country.
Contribution of Hospitality industry in international, national and local
economies
Due to increasing figures of travelers or visitors with each upcoming year, hospitality
sector is developing constantly at fast pace. This creates an affirmative impact on economy
of local, national and international countries. Tourism industry has contributed relevantly
with development as well as growth of nation and country. Tourism is defined as process
of movement or travelling from one country to other country for different reasons like
leisure, vacations, exploration, business, etc. This leads to creation of increased demands
for products and services.
Hospitality industry in United Kingdom has evolved rapidly for generation of
large scale demands along with employment options for localities. This industry is
rendering various jobs to around 2.4 million persons as presented by statistic reports of
2017. Along with this, around 1.2 million business setup have been initialized. It is
considered 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).
References
Economic Contribution of UK hospitality industry. 2019. [Online]. Available Through:
<https://www.oxfordeconomics.com/my-oxford/projects/296333>.