Tourist slump could cost UK £11 billion
A new report by Deloitte has cast shadows on the tourist industry suggesting that the UK and worldwide economic slowdown will dent UK income by somewhere in the region of £11 billion. The slowdown of visitors to the UK is also set to impact on employment numbers with around about 100,000 jobs currently at risk. There are also concerns about the forthcoming Olympics which are to be held in London in 2012 although the UK economy should be well back on its feet by then.
Tourism is a vital element of the UK economy and one which is often overlooked by those who live in the UK. Visitor numbers from the likes of America have dried up as experienced by the airlines who are seeing serious reductions in passenger numbers. Deloitte has also indirectly criticised the government suggesting that tourism is not promoted enough at the highest level and the UK tourist market could fall foul of new up and coming locations.
If this is the case there could be serious repercussions for the UK tourist industry and the millions of people employed either directly or indirectly by the sector. As the Olympics approach ministers are being urged to make the most of this once in a lifetime opportunity.
Share this..
Related stories
Should you be worried about inflation?
The vast majority of people in the UK will never have given inflation a second thought as they attempt to make ends meet and pull themselves out of the economic downturn. However, the truth is that inflation is a danger to us all which can and has impacted upon every corner of life in the UK! Inflation is the devil which eats away at the value of your money and reduces your spending power on an...
Read MoreThe great mystery of UK house price increases
Each day seems to bring a little more positive news on UK house prices which on the whole appear to be rising in what is still a very depressed and difficult economic environment. Unemployment continues to push ahead, more people are in negative equity, more and more people are falling behind with their mortgage payments and ultimately the financial pressure is increasing in many parts of the UK p...
Read MoreBSkyB goes on the offensive over BT pension plans
As we covered earlier today, British Telecom is looking at a pension fund deficit in excess of £9 billion and has been in talks with the regulator Ofcom to try and find a solution to this growing problem. Despite the fact that the company has increased its premiums to the pension fund by hundreds of millions of pounds a year there is still a growing shortfall which needs to be addressed sooner ra...
Read MoreUK services sector showing signs of recovery
The UK economy is basically centred round the services sector which has been hammered over the last 18 months. However, today we saw further evidence of a recovery with the fourth consecutive month of expansion revealed by the latest Purchasing Managers Index. The index rose from 53.2 in July to 54.1 last month with anything above 50% indicating that those in the sector believe growth is on the wa...
Read MoreIs the UK really headed for a double dip recession?
Towards the end of 2009 it seemed as though the UK economy was on the verge of a sustainable recovery which could potentially save the Labour government from defeat at the next election. However, over the last few weeks the situation has deteriorated somewhat and there are grave fears of a double dip recession in the UK which would effectively undo all of the good work done by Gordon Brown over th...
Read More