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Meeting Industry Generates £5.6 Billion For London Economy

July 12, 2013 MICE No Comments Email Email

New research published today highlights London’s leading role in the UK’s meeting industry and how the sector, in one year alone, has generated £5.6 billion for London’s economy through business meetings – the equivalent to a 30 per cent share of England’s meetings.

The study also found that as an industry the meetings sector is three times greater than agriculture to the country’s economy and bigger than other sectors such as legal services and broadcasting.

The UK Economic Impact Study is the most extensive survey yet of the economic impact of the UK meeting industry and was commissioned by the Meeting Professionals International (MPI) Foundation, and undertaken by the International Centre for Research in Events, Tourism and Hospitality (ICRETH) at Leeds Metropolitan University. The research reveals that the UK meeting industry delivers £58.4 billion to the UK’s Gross Domestic Product – a contribution three times greater than agriculture to the country’s economy.  The meeting industry is the 16th largest employer in the UK with more than 515,000 individuals directly employed, and including indirect employment the industry supports more than 1 million full time jobs.

Leading the meeting industry in the UK, £5.6 billion Gross Value Added (GVA) is generated by the sector in London – over 30 per cent of the UK’s total of £18.57 billion.

Welcoming the report, CEO of London & Partners, Gordon Innes, said:

“This important research highlights the central role the meeting industry plays to London’s economy, with over 362,000 meetings taking place this year across 2,709 venues. London offers unrivalled venues with the facilities to accommodate a wide range of events including, the soon to be reopened Copper Box located in the Queen Elizabeth Olympic Park, which will become a multi-use sports venue.

“In addition, the sizeable growth we have seen as a result of the Olympics in London’s hotel capacity has added to the City’s attraction as a meeting venue. Last year we saw 60 new hotel openings adding a total of 7,700 rooms to London’s hotel stock. Putting this in context, London now has over 110,00 hotel rooms across the City.

“We now look forward to welcoming even more new business to our world class venues and the continuing growth of this vital sector.”

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