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The Role Played by Hospitality Industry in Supporting the Economy of London

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Hospitality Industry is among the key pillars of London’s economy and financial driver of all parts of the United Kingdom. The industry creates a large percent of direct employment opportunities and indirect jobs through the multiplier effect that the industry has on sectors like the building and food supply industries. The industry has led to the creation of other commercial businesses in London and other outlets such as education and healthcare catering. These provide 8% of the city’s jobs. This is the key strength of the hospitality industry is that many job seekers benefit from activities of restaurants, hotels, pubs, as well as other catering events and businesses. The hospitality industry not only plays an essential role in the improvement of the town’s economic status but also in the cultural and social life of the residents.

The United Kingdom is among the popular destinations of tourism around the globe, attracting more than 32 million foreign visitors every year. These tourisms generate more than £20 billion every year in the economy of London. Most of the accrued income is used to advance other sectors such as public services, health, and education. In addition, the city receives a large population of visitors each year. Most of these visitors are professionals who come for business, leisure and those who come to pay visits for relatives and friends. As a consequence of London is a global travel hub, it is currently among the largest tourism wholesalers around the world and most conventions of global travel buyers are held every year in London.

Since tourism and travel is one of the integral components of today’s life, the economic benefits that are associated with the hospitality industry are spread all over London city. The city receives more than five billion pounds per year in hospitality expenditure and more than a hundred thousand people are employed in the hospitality sector related jobs.&nbsp. &nbsp.&nbsp.