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The UK economy is set to become increasingly reliant on the touristic sector, as new figures showed that this area will grow by 1.3% in 2012. This is more than double the rate of growth in the wider economy, which the International Monetary Fund predicted will rise by just 0.6% this year.
This is good news for the UK economy as the boost from the travel and tourism industry will contribute more than £100 billion and create 2.3 million jobs –one in 13 of all jobs in the UK.
The report also pointed out that the UK will keep enjoying its position as one of the top 10 most-visited nations. It is set to attract around 30 million visitors in 2012.
The growth in travel and tourism industry also outstripped the growth in the UK economy in 2011. While the economy grew by just 0.7% last year, the travel and tourism industry expanded at fives time this rate climbing by 4.1%.
WTTC president and chief executive, David Scowsill, said:
"At a time of significant economic hardship, the travel and tourism industry is helping to beat the recession by generating jobs and growth at a faster rate than the wider UK economy.”
"2012 is likely to be bolstered by the cheap pound, the continued trend for domestic holidays, and the extra Bank Holiday weekend for the Golden Jubilee. The London Olympics are unlikely to have any significant effect.”
Travel insurance for Brits flying overseas
While many tourists may be flocking to the UK, a number of Brits will be travelling overseas this year. UK holidaymakers should compare travel insurance and car-hire offers in advance, so that they can secure the best deals.
Car hire insurance is almost always cheaper through price comparison sites than buying from any car hire rental company or broker direct. Compare car hire insurance to find the best deal and reduce the price of your holiday.