ABTA has revealed the key results of its latest research on the economic benefit of outbound travel to the UK. According to the study conducted by York Aviation on behalf of ABTA, with the proper tax and regulatory framework in place, the UK outbound travel sector is expected to expand 15% by 2027, compared to 2019 levels.
According to the survey, UK’s outbound travel industry:
- It contributes £49 billion to the UK economy each year (Gross Value Added).
- 720,000 jobs are supported across the UK;
- HM Treasury receives £6.9 billion in tax income each year;
- Consumers in the UK spend £51 billion each year before traveling abroad.
The stats come as the UK Government’s development goal was laid out by the Chancellor the week before, with ABTA’s study indicating that, with the proper Governance framework, the UK outbound travel industry’s growth is expected to outpace most other sectors of the UK economy.
An essential and continuous aspect of ABTA’s activity is showing legislators the importance of the outbound travel sector to the UK economy. The results will serve as the foundation for ABTA’s lobbying efforts with the government and parliamentarians from all political parties, including the devolved administrations. The Prime Minister, Chancellor, Business Secretary, and Transport Secretary have already been briefed on the key numbers.
Mark Tanzer, Chief Executive of ABTA , The Travel Association said:
“There is always a risk that outbound travel’s valuable contribution to the UK economy is overlooked because it is wrongly perceived as an industry which takes value out of the economy when this couldn’t be further from the truth. Outbound travel is a huge supporter of jobs and contributor to the economy and exchequer, as well as a strong driver for growth. We will be continuing to make that case to this Government and MPs”.
“The industry is still recovering from the impact of the pandemic and there are challenges to navigate, including the cost of living and wider economic health. But the return to demand as travel restrictions lifted early this year shows just how important holidays are for people and early signs are that they will continue to be a spending priority.”