Drop in tourism could cost the British economy £22bn. says WTTC

Thursday, August 27, 2020

According to the World Travel & Tourism Council (WTTC), this year the plunge in inbound travel will cost the UK economy £22 billion.

Nearly 3m jobs threatened with travel restrictions as concerns linger over Covid-19.

Expenditure by overseas visitors could fall by up to 78 per cent, or £60million a day, the World Travel & Tourism Council (WTTC) has announced.

A "worst-case" scenario for the travel and tourism industry presented by the WTTC involves the loss of almost 3m million British jobs dependent on or funded by the travel and tourism industry.

"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 figures," said WTTC chief executive Gloria Guevara.

The WTTC noted that last year, international spending on tourism in the UK stood at GBP 28 billion, which equates to 17% of their UK total.

London was most severely hit by the slump in visitor numbers, it was reported by the WTTC, as about 85% of capital's tourist spending stemmed from foreign tourism.

The UK has been the biggest passenger market for journeys between 2016 and 2018 with destinations in the US, France, Germany, Ireland and Spain.