Report: Analyzing the UK Hospitality Industry's Economic Impact

This report examines the significant contributions of the UK hospitality industry to the national economy. It highlights the industry's growth, driven by increasing tourism and travel, and its impact on employment, with approximately 2.4 million people employed as of 2017. The report details the industry's substantial revenue generation, contributing billions to the GDP and national income, and the positive effects of franchising and licensing on global brand development. Furthermore, it explores how the hospitality sector boosts related industries such as shopping and travel, ultimately improving the standard of living and overall economic development of the UK. The report also touches upon the tax revenue generated, emphasizing the industry's vital role in the UK's economic landscape. The UK hospitality industry is a key driver in the UK economy because of its generation of employment opportunities, and contribution to the GDP and national income.

CONTEMPORARY HOSPITALITY INDUSTRY
Contribution of the hospitality industry
Due to increasing number of tourists and travellers, the hospitality industry is
growing at a tremendous rate. This brings various benefits to the local, national
and international economies of the country. The tourism industry contributes
towards the growth of the country, GDP and its economy. It generally relates to
travelling to a place other than their home country for the purpose of leisure,
exploration, vacation, businesses, etc. This generates demands for various
products and services.
The UK hospitality industry is very immense and it has generated the ample
number of job and employment opportunities for the local people. It has employed
around 2.4 million people as per the 2017 data and 1.2 million in around 170,000
commercial set up. Thus, it is fifth largest industry in UK which is employing the
maximum number of people. This industry has generated the revenue of
£90billion which contributes in GDP and national income of the company in
around £34billion. Apart from this, VAT rate from the restaurants has also created
the 53900 jobs in the country.
The hospitality industry has a strong contribution in UK economy as due to
generation of employment opportunities, the vast number of people are employed
and contributes in per capita income (GDP) of the country. This will help in
raising standard of living of the people in the country. Due to the hospitality
industry, the business of various sectors like sightseeing, shopping, travels, etc. is
immensely increasing which is contributing in overall growth and development of
the country.
The international tourist also provides strong contribution in UK economy, because
they travel by air which increases the revenue for the airways and travel and
tourism industry. Then being from the international countries, they will also do
shopping which will contribute in the development and growth of the local
economy. Furthermore, the franchising and licensing has an immense contribution
in developing global hospitality brands in UK. Thus, they will generate higher level
of tax for the country and improves the overall economic condition of the UK.