According to UKH, these sectors have the potential to deliver immediate economic growth.
UKH chief executive Kate Nicholls said: “Driving economic growth is rightly the Government’s top priority, but we need to see a plan for growth that reaches the whole economy.”
While acknowledging the key importance of larger infrastructure projects, UKH emphasised their benefits take time to materialise, however the hospitality sector in general can generate quicker results.
Nicholls added: “Hospitality was the biggest driver of economic growth in November,” highlighting the sector’s immediate strength despite facing rising cost pressures.
The trade body boss argued the foundation economy had the potential to deliver widespread, impactful change due to its notable role as one of the largest employers in the country.
UKH called for further support in order to foster growth in cities, towns, and communities, which in turn helps to create vital investment areas.
Sector backing
A key element of the proposed plan is a reassessment of changes to employer national insurance contributions (NICs).
These have been viewed as particularly taxing for the hospitality sector as a whole and a major issue for growth and investment.
Nicholls added: “My message is to back a sector like hospitality that can do that now and deliver for the economy, jobs and communities.”
The Government’s plan for change is focused on stimulating economic growth, with a specific emphasis on the Oxford-Cambridge growth corridor, which is expected to contribute up to £78bn for the UK economy by the year 2035.
This plan encapsulate notable investments within infrastructure and housing, in order to create more affordable housing and additionally improve transport links.
A key point of action included the Environment Agency lifting objections to a new development in Cambridge, which would ultimately allow for the construction of 4,500 new community spaces, homes, office and laboratory space.
Water companies are also expected to invest £7.9bn throughout the next five years to improve water infrastructure. This would include nine new reservoirs.
Transport improvements are believed to include much needed new East-West Rail services, additional upgrades to the A428, and a new East Coast Mainline station located in Tempsford. A new Cambridge Cancer Research Hospital is also being prioritised.
Government plans
The Oxford-Cambridge growth corridor champion Sir Patrick Vallace, has been appointed to oversee these developments. The region in question is described as having the potential to become Europe’s next Silicon Valley and a notable hub for British innovation.
Oxford-Cambridge Supercluster Board chair Andy Williams stated the area has the potential to deliver significant growth through cooperation between the private sector, Government, educational institutions, and investors.
According to GOV.UK, the Government is supporting regional growth by working with local leaders to ensure investments align with local demands and needs.
The National Wealth Fund is set to trial strategic partnerships in West Yorkshire, Greater Manchester, West Midlands, and Glasgow City Region. The Office for Investment will also pilot an approach in the Liverpool City Region and the North East Combined Authority.
The first AI Growth Zone is set to be located in Culham, Oxfordshire, and will be designed to fast-track the development of AI data centres and infrastructure. A new growth commission for Oxford has also been kickstarted.
This is inspired by the Cambridge model, with similar aims of addressing the barriers that are restricting continued development of housing and infrastructure.
Furthermore, the Government has also agreed that water companies will be able to unlock a £7.9bn investment over the next five years, to ultimately improve water infrastructure and provide a solid and dependable foundation for growth.
