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UK hospitality growth outpaces all sectors, Lloyds Bank finds

The sector benefited from ‘strong consumer demand for large-scale events’, such as concerts and music festivals, and the easing and simplification of international travel rules in England

Hospitality businesses outpaced the rest of the UK economy for the first time in more than nine years during September, according to the latest Lloyds Bank UK recovery tracker.

Tourism and recreation including pubs, hotels, restaurants, leisure facilities and travel agents, was the fastest growing UK sector monitored by the tracker for the first time since January 2012.

According to the firm, the sector benefited from “strong consumer demand for large-scale events”, such as concerts and music festivals, and the easing and simplification of international travel rules in England which led to a rise in people booking holidays abroad and more tourists visiting the UK.

The bank also said tourism and recreation became the “only” services sector to record the strongest monthly output growth since before the pandemic.

10 of the 14 UK sectors monitored by the tracker saw output rise during September, up from nine in August.

Jeavon Lolay, head of economics and market insight at Lloyds Bank, said: “While the number of sectors in growth mode increased last month, we are now firmly in an economic phase of recovery where big leaps in activity won’t happen every month.

“Tourism and recreation outpaced other sectors in September because it continues to benefit from relaxations in Covid-19 restrictions and resurgent consumer demand.”

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