Market report reveals the eye-watering value of the UK hospitality sector

The total value of the UK hospitality sector now stands at £130 billion, the national trade body for the sector has said.

Unveiling a forthcoming report that will highlight the economic contribution made by the industry, UKHospitality claims it has been the fastest growing sector since the economic downturn by adding £72 billion to UK coffers.

It now employs 3.2 million people and generates £38 billion in taxation to fund vital national and local services.

UKHospitality Chief Executive Kate Nicholls said: “The figures 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.

“Our ambition is to see that hospitality is recognised by the government as the major economic and social force that it is; recognised as an attractive and exciting career pathway for young workers and given the support it needs grow even more.”

Foreign travellers are said to have spent £24 billion in the UK last year, while UK tourists shelled out more than £23 billion on domestic visits.

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