Some sectors seem to attract more sympathy than others. I have long been supporting the tourism and hospitality sector on my timelines on Twitter and LinkedIn. It is especially relevant for my local economy here in North Yorkshire.
We are essentially HOSPITALITY & TOURISM and FARMING. Both getting hammered by COVID and then the triple whammy of Pre BREXIT-COVID-NO DEAL BREXIT. Tourism & hospitality in the UK, a £130 billion industry, accounts for:
The employment of 2.2 million people
Is bigger than Aeronautics, pharmaceuticals and Auto Industry COMBINED.
And 1/3 of the businesses in Tourism and Hospitality are at serious risk of failing soon.
Where as Aeronautics, Auto and Pharama have the possibility of keeping healthy cash:debt ratios that will / could see them through till 2021, Hospitality and Tourism is run month to month with minimal cash reserves held. It is little wonder they can not hang on till an unlock / uplift comes.
I realise there will be a massive increase in #Staycations, but not if the restaurants, hotels, attractions and pubs have closed their doors for ever.
#Government #Bailout #tourism #JamesMason #WelcometoYorkshire #Yorkshire #Tourism #Hospitiality #UK #stimuluspackage #UKPlc