LUXURY HOTELS IN THE UK

Luxury Hotels in UK

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Luxury Hotels in UK

Overview of the UK Hospitality Industry

British Hospitality Association in coordination with Oxford Economics commissioned a report revealing the contribution of the Hospitality Industry in economy of the United Kingdom (Oxford Economics, 2010). The significance of the industry has been demonstrated in the report via the representation of the fact that the industry is fifth largest employer of the country. The report which was made public during the end of 2010 has highlighted the importance of the hospitality industry in the economy of UK. The report strongly emphasise on the importance of the industry to the economy.

The report has been perceived as an identifier of the potential of the industry in job creation. This in fact is the factor which shall not be ignored at any point either by individual or government (Oxford Economics, 2010). The hospitality industry of the besides its current economic position, possess huge growth and development prospects which has the potential to boost the economy of the country. The main objective of the hospitality economy is now to increase the integration with other government bodies, agencies and individual companies to timely exploit the opportunities for growth so that prospect growth can be achieved.

Details of the report commissioned by two professional bodies have been sum up to prevail a better understanding of the industry, which are stated below (Oxford Economics, 2010):

The current number of employees of hospitality industry has been mispredicted in the past, and low employability has been associated with the industry. However calculation of the number of employees has proved the estimation completely wrong. Every one person out of 13 is the employee in organisations linked to hospitality industry, which makes the industry the third largest employer of United Kingdom. The industry directly employs around 2.4 million UK residents.

The industry also creates opportunities for employment in an indirect manner for around 1.2 million UK residents. Indirect employment or jobs are usually referred to logistic support, supply chain, inventory and others.

According to estimation hotels and other related services employ around 400,000 of UK population while 12.6 million people are employed by different restaurants. Around 750,000 jobs are created through catering and in-house catering services whereas; event management services provide employment to around 20,000 people.

The turn over of the hospitality industry has been calculated around £90 billions and the net worth of the industry is £46 billions in the economy of UK in GVA (profits and wage). The major contributors of the turnover are core economic factors of hospitality economy including hotels, restaurants, catering and event management services. The importance to the industry has also been given because of its contribution in the tax revenues which amounts to around £34 billion.

Export estimation for the industry or attributed in-bounds account for earning in context of foreign exchange is £7.4 billion that is 1.8 per cent of the total export earning of UK.

On average, hospitality industry of United Kingdom invest ...