Research carried out by Lloyds Bank has found that the UK tourism and leisure industries are recovering faster than the global average.
Lloyds Bank’s UK Recovery Tracker found that 13 out of 14 sectors tracked were ahead of the global recovery benchmark in August.
The research found that the Government’s Eat Out to Help Out scheme had benefitted restaurants and businesses that focus on domestic tourism reported a benefit from an increase in people taking staycations.
The news offers some light relief for businesses during this extremely challenging period. Discussing the research, Jeavon Lolay, from Lloyds Bank Commercial Banking, said: “The headline findings of this month’s UK Recovery Tracker paint a positive picture, with more domestic businesses outperforming their international counterparts during August.
“When it comes to the UK’s performance, it’s worth noting that other European countries have already experienced a slowdown in their performance as they navigate further outbreaks of Covid-19 and additional measures to stop the pandemic’s spread. It will be interesting to see the picture in September when the Eat Out to Help Out scheme has ended and the impact of the ‘rule of six’ on sectors that rely on social interaction, such as tourism and recreation, is clearer.”
Ed Thurman, Managing Director, Global Transaction Banking, Lloyds Bank Commercial Banking, added: “The continued signs of recovery measured by the Tracker shows the strength of British businesses as they continue to navigate a difficult and uncertain economic climate.
“I am encouraged by the resilience and ambition we have seen from businesses throughout this period to adapt and succeed. As they do so, the Recovery Tracker will help us support firms with insight on the evolving economic situation – and the challenges and opportunities it presents.”
With increasingly strict measures being introduced throughout the UK, it will be interesting to see whether the UK’s recovery will fall behind that of other nations.