UK Tourism : £60 million a day loss to UK economy
London (WTTC ) : A staggering £22 billion looks set to be lost from the UK economy due to the collapse of international travel during 2020, according to the World Travel & Tourism Council (WTTC).
Travellers and tourists are staying away from the UK in droves because of continuing uncertainty around travel restrictions designed to curb the spread of COVID-19.
As a result, this year international visitor spending could plunge by 78 per cent compared to 2019 levels, equating to a loss of £60 million a day, or £420 million a week, to the UK economy.
Nearly three million jobs in the UK supported by Travel & Tourism are at risk of being lost in a ‘worst case’ scenario mapped out by WTTC economic modelling.
According to WTTC’s 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for almost four million UK jobs, or 11 per cent of the country’s total workforce. It also generated nearly £200 billion GDP, or 9 per cent to the UK economy.
WTTC analysis of international travel spending in the UK during 2019 reveals it reached almost £28.2 billion, accounting for 17 per cent of the total tourism spend in the UK. Domestic travel spending was last year responsible for the other 83 per cent .
A further breakdown reveals how crucial spending from international travellers during 2019 was to the UK economy. Every month it accounted for £2.35 billion or £540 million a week – and £77.3 million a day.
As one of the world’s most popular cities for international visits, the loss of this international visitor spending – which accounted for a staggering six pounds out of every seven spent in London – could have a profound long-term impact on the UK’s capital for years to come.
Aug. 26 , 2020
Image credit – WTTC
