Hospitality and leisure expected to drive economy over next decade

Hospitality and leisure is expected to be a key driver of economic growth in the UK over the next decade, according to new research released today.

In its Business in 2021 report, Barclays Corporate said it expected the hospitality and leisure sector to drive the economy across all areas of the country.

Of business leaders surveyed for the report, three-quarters in all but two regions of the country cited the hospitality and leisure industry as a key driver to fuelling economic growth in their region, including 95% of those in Scotland.

Over half of hospitality and leisure businesses (52%) themselves expect the UK to see a steady growth over the next 10 years, although a significant 39% expect to see zero or negative growth.

Mike Saul, head of hospitality and leisure at Barclays Corporate, commented: "It is clear that the majority of the UK's hospitality and leisure sector believes in the fundamental strength of the UK as a place to do business, and this underlines the temporary nature of the challenges we are currently experiencing.

"To see the majority of businesses anticipating steady and sustained economic growth over the next decade should also be welcome news for a Government that is focused on developing a growth strategy. The industry sees itself playing an important role in this growth, and clearly the boost from next year's Olympics, and its ongoing legacy, will play a major part in this."

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By Neil Gerrard

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