The British night-time industry is worth £66bn a year to the UK economy, according to a report published on Friday.
Economists at research consultancies TBR and MAKE, which jointly published the report, also revealed that the industry employs 1.3 million people. The report claims to be the “first ever” value and impact report into the UK’s evening and night-time economy.
A spokesman for the two firms said: “This aspect of the economy is often overlooked, yet it is a crucial driver of tourism, leisure and business growth and opportunity.”
And seemingly in a response to the industry’s critics, the report's authors added that the £66bn value of the sector ‘dwarfed’ the £6bn Home Secretary Teresa May stated was the economic cost to the country of alcohol-related disorder.
However a spokesman for the Home Office, speaking to BigHospitality, played down the significance of these figures, saying that the cost of anti-social behaviour and the overall value of the industry ‘related to two completely different things’.
Towns
Of all UK towns and cities, Westminster came out top, with a night-time ecnomy worth over £2bn a year. Birmingham, Manchester, Camden, Glasgow and Leeds were next, with ‘major climbers’ Houslow and Brent moving up the report’s ranking system.
The report provides a breakdown of the night-time and evening industries in the UK, including details of the mix and size of businesses, business birth and deaths, the effects of the recession, financial turnover and business strengths.