The UK hospitality sector is worth around £130bn according to new figures from UKHospitality.
The announcement was made at the national trade body’s ‘Shaping the Future’ event, where tourism minister Michael Ellis addressed the conference and paid tribute to both the economic and social impact of hospitality. The group also announced the publication of a forthcoming report that will highlight the economic contribution made by the UK’s hospitality businesses.
CEO Kate Nicholls said: “The inaugural UKHospitality conference was a fantastic recognition of the vital work being carried out by a dynamic and exciting sector. The figures announced today confirm what everyone associated with the sector already knows: that we are crucial to health of the UK economy, providing much-needed growth, investment and jobs in every single region of the UK.
“The sector is at the heart of communities across the country but is too often overlooked. Hospitality is the third largest private sector employer in the UK, double the size of financial services and bigger than automotive, pharmaceuticals and aerospace combined. It has played a key part in helping the economy through tough times.”
Ellis added: “This is a sector that has supported record-breaking 2017 growth and a £24 billion spend by foreign travellers. Perhaps equally impressively, it is not just a preeminent export earner, there is also a huge domestic market too – with UK tourists spending over £23 billion on domestic visits in 2017.”