Britain’s tourism economy will grow faster in the next decade than retail, chemicals, transport, and manufacturing, according to an independent report by Deloitte and Oxford Economics commissioned by VisitBritain.

It forecasts that the total value of tourism to the UK is set to rise by more than 60% to £188 billion over the next decade and  predicts spending by overseas visitors will practically double from £16 billion now to £31 billion in 2020. Jobs supported by tourism over that period is predicted to rise from 2.63 million to 2.89 million.

However; the reports warns that Government intervention will be the ‘’key’’ to success because a range of market failures need to be tackled.

These include:

– Marketing co-ordination to help small and medium sized tourist businesses who otherwise couldn’t afford to do it themselves

– Rural firms who face higher costs of operating should be enabled to adopt new technology

– Districts across the UK that rely on tourism as a main source of jobs for low skilled and part time workers should also be supported.

Marcus Simmons, managing director from iknow-uk, the independent tourism directory, said: “Responding quickly and effectively is key. We can’t expect the business to just drop into our lap – companies in the sector need to be pulling together to ensure maximum impact, and to enable us to show the rest of the world just how great Britain is as a holiday destination.”