June 2019 saw the UK’s first ever tourism deal announced. It was welcome news across the industry and will result in the tourism sector being prioritised and supported to create jobs as well as economic growth being boosted.
In this blog, we delve into the specific features of the deal, and how it will help hospitality businesses to thrive.
Promotion of the career path
There will be a Hospitality and Tourism Skills Board established, encouraging the viability of a career in the sector. This will be backed by funding for a three-year campaign, dedicated to industry skills and recruitment. Of this recruitment and retention campaign, the British Beer & Pub Association (BBPA) have promised £100,000. On top of this, there will be 10,000 new apprenticeships created, providing even more opportunity for people to step onto this career pathway.
Talent sourcing is something that’s currently a huge concern in the sector. With a huge fear around staff shortages once Britain leaves the EU, promoting it as a long-term career is one action to effectively deal with it and reduce the Brexit impact.
Investment in the industry
Coupled with the recruitment drive will be specific investment that’s set to make the UK an even more attractive tourist hotspot. There is a commitment to build 130,000 hotel rooms by 2025. And, with 75% of this figure being outside London, it will help to boost the appeal UK-wide. Tourism businesses across the nation will be able to reap the rewards of the sector’s deal.
As well as this, we’ll see local ‘tourism zones’ established, along with a new ‘business events’ strategy. The aim is that those in the sector will be able to innovate further, and provide more accessibility to visitors with disabilities. Broadband coverage will also be improved – this will be particularly beneficial as many rural businesses suffer because their region’s speed is inconsistent.
With over 80% of tourism roles belonging to the hospitality category, this will have a positive knock-on effect. Not only will the tourism sector be better positioned to compete worldwide, but the hospitality industry too.
Hospitality businesses can expect to see their income accelerate. And so, staying on top of finances will be more important than ever. But there’s a lot to consider. From monthly quarterly management accounts to budgeting and forecasting, you’ll need to keep your eyes on the numbers.
Plus, there are other ways you can boost your earnings and speed up business growth, such as tax planning. With so much to contemplate, it’s best to partner with an accountant who specialises in the hospitality industry – such as Nabarro Poole.
As an expert accountant who has unrivalled expertise and knowledge of hospitality, we can help you with whatever you need. Whether you require the basics like payroll, or assistance with Making Tax Digital (MTD) for VAT, we’re here.
To ensure fantastic finances as the hospitality industry goes from strength to strength, get in touch with our friendly team today.