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(Sharecast News) - A collapse in tourism during the Covid-19 pandemic could cost the UK economy £22bn putting almost 3m jobs at risk, a report estimates.
The World Travel & Tourism Council said uncertainty about travel restrictions imposed by the UK government was deterring travellers from visiting Britain with a likely reduction of £60m a day to tourism's contribution to output. London's position as a major travel destination is also at risk, the report said.
WTTC said travel and tourism accounted for almost 4m jobs, or 11% of the UK workforce, in 2019 and generated nearly £200bn of GDP representing 9% of the economy. "Stop-start" measures to limit the spread of Covid-19 including quarantine requirements are hammering the industry and risking almost 3m jobs in a worst-case scenario, WTTC said.
Panicked British holidaymakers dashed to return home from France, Spain and other countries in August after the government imposed a two-week quarantine at short notice. Travel companies have criticised the government's unpredictable actions and easyJet, Ryanair and British Airways owner IAG are challenging the measure in court.
Gloria Guevara, WTTC chief executive, said: "The economic pain and suffering caused to millions of households across the UK, who are dependent upon travel and tourism for their livelihoods, is evident from the latest WTTC figures.
"The lack of international travel caused by the pandemic could wipe out more than £22 billion from the UK economy, from which it could take years to recover. It could also threaten London's position as one of the world's premier hubs for business and leisure travel which could see other destinations take over."
International visitors spent six of every seven pounds in London in 2018, WTTC said. The US provided the most visitors with 15% with France accounting for 9% and Germany on 8%.
9 May 2024 15:51
UK earnings, trading statements calendar - next 7 days
| Friday 10 May | |
| CRH PLC | Q1 Results |
| International Consolidated Airlines Group SA | Q1 Results |
| Rightmove PLC | Trading Statement |
| TBC Bank Group PLC | Q1 Results |
| Monday 13 May | |
| Burford Capital Ltd | Q1 Results |
| Caledonia Mining Corp PLC | Q1 Results |
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| HgCapital Trust PLC | Q1 Results |
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| Tuesday 14 May | |
| Angling Direct PLC | Full Year Results |
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| Wednesday 15 May | |
| Britvic PLC | Half Year Results |
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