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The hospitality trade was chargeable for 40% of the UK’s complete financial development between the primary and second quarter of 2021, new knowledge has revealed.
ONS (Workplace of Nationwide Statistics) knowledge revealed yesterday (12 August) confirmed the UK economic system grew by 4.8% within the second quarter (Q2) of 2021, as Covid-19 restrictions had been lifted.
Additional evaluation as a part of the UK Hospitality Quarterly Tracker, produced by CGA, revealed the on-trade was chargeable for 40% of this development.
Kate Nicholls, chief govt of commerce physique UK Hospitality, stated: “These figures not solely present the significance of the hospitality sector to the UK economic system, even within the severely restricted and beleaguered state it was in throughout the second quarter of this yr, but additionally exhibit its actual potential to energy a wider financial restoration now buying and selling restrictions have lastly been eased after virtually 18 months.
“Nonetheless, this was not a interval characterised by booming gross sales and plain crusing for the sector, however many weeks the place companies had been nonetheless working beneath strict restrictions and skilled a large number of challenges caused by the pandemic. What needs to be remembered is that the sector collectively lost over £100bn [US$138bn] in sales throughout the course of the pandemic – a very staggering determine.
“To assist safeguard the way forward for the sector and its restoration, we urge the federal government to proceed to work intently with companies to assist them navigate the challenges that we are going to undoubtedly face within the months forward and to create a enterprise panorama that can assist return companies to profitability as rapidly as doable.
“Measures we’re calling for embody the urgently wanted reform of enterprise charges and a completely lowered charge of VAT.”
Covid-19 mixed with different geopolitical challenges have created a staff shortage problem for the hospitality industry around the globe.