Business Travel has never been more important, back in April we highlighted this importance within our Q2 update. We found that for some industry sectors, travelling for business remained permissible, sectors such as Marine and Offshore, engineering, construction and key workers or specific guidelines that relate to the purpose of travel have enabled around 10-15% of international business travel to continue. Within the UK, the latest lockdown had suppressed all but essential travel - this is still the case to this day. With the traffic light system now in place changing every 2-3 weeks.
Data announced by the Business Travel Association shows that in the final week of May 2021, business travel trips from the UK dropped by -87.77% from 2019 pre-pandemic levels – with a reduction of 349,945 business trips in the past week.
The impact on the UK economy as a result of the decrease in business travel trips across ten key routes has cost the UK Government £3.3 billion from international business travel and an additional £1 billion from domestic business travel, equalling a total of £1.1 billion missing from UK GDP in the past 7 days.
The data shows travel restrictions to:
• France has cost UK GDP £594 million this week
• USA has cost UK GDP £343 million this week,
• Republic of Ireland has cost UK GDP £679 million this week, and
• Germany has cost UK GDP £488 million this week
all from the decline of business travel trips.
The weekly Business Travel Tracker above analyses the economic value of business travel and illustrates the huge impact of the Government’s traffic light system on UK GDP.