[Sunderland, 23-06-2023] A recent UK Hospitality summer conference report shows that the hospitality industry has boosted its annual economic contribution by £20 billion to £93 billion over the past six years.

Third-Largest Employer
The report also reveals that the sector is now the third-largest employer in the country, with 3.5 million people working in it. Despite facing post-pandemic struggles that limit growth, the report shows that in 2022 alone, the industry still managed to generate £54 billion in tax receipts for the Treasury, £20 billion in exports, and £7 billion in business investment.

Considerable Value
Over the past six years, despite facing a pandemic and a high cost of living, the hospitality sector has consistently increased its value to the economy and remained a significant employer. People must acknowledge the industry as strategically important for the nation and join forces to expand the economic impact, generate more job opportunities, and improve its presence in local communities.

Promote Growth
The report demonstrates the potential benefits of promoting growth, reducing inflation, and creating a policy environment that supports the hospitality industry. By doing so, the sector could contribute an additional £29 billion to the economy each year. The government should seize this opportunity to foster growth in the industry.

Government Collaboration
The government should collaborate more effectively with the hospitality industry to take advantage of the opportunities in the sector and unlock its full potential. The collaboration entails dealing with immediate challenges, such as high energy expenses, food and beverage inflation, and labour scarcities, which restrict further expansion. Additionally, the government should examine the long-term structural limitations hindering business growth, such as business rates, licensing, and planning regulations.

Resilience
The hospitality industry has shown resilience over the years despite the challenges. It also continued to contribute to economic growth. The industry has a history of rapid growth and economic stimulation, evident in the figures. Due to this, the government should recognise the hospitality industry's potential and harness it to benefit the economy.

About Adkins & Cheurfi
Adkins & Cheurfi is a recruitment agency in the Northeast of England. It provides businesses with skilled industry professionals throughout the North. Its services include both temporary and permanent recruitment.

For more information, visit https://adkinscheurfi.co.uk.