New figures have been released showing the extent to which the hospitality sector plays an important part in the UK’s economy. Statistics published by the ONS (Office of National Statistics) shows that the UK economy shrank by 9.9% in 2020 with the output of the accommodation and food services sector now down 51.8% on the previous year.
In addition, analysis from hospitality data analysts CGA, showed a 54% drop in sales across hospitality in 2020, which is the equivalent to a drop of nearly £72bn, making the hospitality sector responsible for one-third of the UK economy’s annual £215bn contraction. This demonstrates how important it is to get the hospitality industry back open again as quickly as possible and pumping money into the British economy. However, after the PM’s latest announcements on the roadmap for recovery, it is now clear the earliest signs of this industry being able reopen will be mid-April/late May, which may be too late for many hospitality businesses.
UKHospitality Chief Executive Kate Nicholls said “these figures make for bleak reading, but also serve to drive home the point about the importance of hospitality as an economic force. When hospitality struggles, the entire UK economy struggles”. She has emphasised continuously, time and time again, the importance the food and drink industry has on the UK economy.
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