Value of tourism in UK set to rise to £188bn over next decade

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The total value of tourism in the UK is set to rise by more than 60 per cent to £188bn over the next decade, according to an independent report commissioned by national tourism body, VisitBritain.

Research from Deloitte and Oxford Economics forecasts the favourable exchange rate, the lure of the 2012 Olympic and Paralympic Games and the appeal of Britain’s world-renowned attractions, should ensure the sector grows at an above average 3.5 per cent per annum between now and 2020.

The number of jobs supported by tourism over that period is predicted to rise by 264,000, from 2.63m now to 2.89m.

This means the total economic contribution of the visitor economy, covering firms directly and indirectly involved in tourism, is poised to expand faster than construction, retail, chemicals, transport, the gas and electricity utilities and manufacturing. Only financial and business services look more promising.

Tourism is currently benefiting because the pound has weakened considerably against both the dollar and euro in the last three years, making Britain a good deal for foreign visitors. The report suggests that a further 10 per cent depreciation in the pound relative to other international currencies could attract an extra one million international visitors to the UK in 2011 and 2012. These visitors would be expected to spend an extra £300m in both years.

VisitBritain’s chairman, Christopher Rodrigues, says: “This detailed and rigorous report from Deloitte is enormously encouraging.

“This makes it clear that tourism, already Britain’s fifth largest industry and third biggest earner of foreign exchange, is going to be central to the health of the British economy for years to come,” he adds. 

23 July 10

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