Categories
As things stood at the time of this article being written, the destination of the Women’s World Cup trophy was yet to be decided; nonetheless, the England team has already captured the imaginations of the nation with its run to the final. That concluding match of the tournament will take place on Sunday, 20th August, with Spain the only opponent left standing for the Lionesses.
Of course, given their status as European champions and their stellar performances under present head coach Sarina Wiegman, few people should be overly surprised that England has put on such a formidable show throughout the competition.
But it isn’t just plenty of the UK’s patriotic football fans who have had ample reason for cheer during the World Cup; much the same can be said for many of those drawing upon accountancy in Newton Abbot and nearby areas.
Pubs and bars have been handed a particular lifeline by England’s success
Those who have followed the articles on TS Partners’ news pages over the last few months will know we have reported extensively on the UK’s currently fragile economic situation, with it still looking more than possible that the country could slide into recession during 2023.
So, hospitality businesses – still severely tested by such challenges as high costs and staffing shortages – have received a particularly much-appreciated boost as a consequence of the Lionesses faring so well in this World Cup.
Indeed, it was recently reported by The Independent that the England team taking to the pitch for the weekend’s final was expected to give the UK economy a £185 billion boost. The article stated that a fifth of viewers were likely to head to a pub, bar, or restaurant near them in order to watch the Lionesses take on Spain, fuelling a spike in consumer expenditure in the process.
The numbers make great reading for many firms up and down the UK
The online newspaper cited the discounts site VoucherCodes.co.uk as having carried out an analysis discovering that 13.7 million people from around the country were set to watch the match.
Drawing upon forecasts from GlobalData, reports indicate that viewers could spend about £138 million in supermarkets to ensure they have adequate supplies of food, drink, merchandise, and decorations in readiness for the 11am kick-off.
Apparently, total expenditure in the country’s hospitality venues could get as high as £47 million, which would be – unsurprisingly – the highest such figure recorded during the tournament. Teas and coffees are expected to account for the bulk of drinks spending, along with alcoholic beverages.
This would equate to consumers spending around a third more than was the case during last summer’s Women’s Euro final, in which the Lionesses so memorably triumphed due to goals by Ella Toone and Chloe Kelly.
Looking at the World Cup as a whole, VoucherCodes’ research suggested that total spend could reach up to £747 million, in what will unquestionably represent a lifeline for great numbers of hospitality and retail businesses around the UK.
In the words of Kate Nicholls, chief executive at the trade association UKHospitality: “We’ve seen venues already make a huge effort for the Women’s World Cup, and we expect that to go even further this Sunday, which will inevitably lead to a boost for hospitality businesses.”
Our experts in accountancy in Newton Abbot can only back up those words, and we very much encourage everyone reading this to tune in to cheer the Lionesses to glory. And if you are on the lookout for services like ours encompassing such key areas of expertise as accounting, tax, and payroll, you are welcome to reach out to us at your nearest TS Partners office.
Latest Posts
- 22
- Nov
In recent years, we’ve witnessed a significant shift among company car drivers, especially directors of owner-managed businesses, towards Electric Vehicles (EVs) to capitalize on the available t…
- 13
- Oct
What is Land Remediation Tax Relief? If your property is owned or leased by a limited company, you (whether landlord or tenant) may be able to get tax relief on the costs of removing the asbestos and …
- 13
- Oct
Navigating the UK business terrain, it’s clear that the right funding can pivot your growth trajectory. With this in mind, TS Partners has teamed up with Swoop, creating a bridge between your f…
- 13
- Oct
Despite the limited tax breaks for UK commercial property owners or investors, many overlook the significant tax relief provided by capital allowances. This oversight often arises from unfamiliarity w…
- 12
- Sep
For a while now, there have been persistent suggestions that the UK could be on the verge of entering a recession – and according to at least one authoritative source, that moment may finally come l…
- 8
- Sep
Following an extended period of time in which the outlook did not seem greatly positive for very many businesses in the UK, our experts at TS Partners were cheered to read that according to one new bu…
- 6
- Sep
Talk of recession risk for the UK is becoming a very well-worn theme at this point, but it is also sadly true that many an accountant in Newton Abbot – and their clients – must bear such a risk in…
- 4
- Aug
Firms around the South West of England – including many taking advantage of TS Partners’ expertise in accounting in Newton Abbot – seem to be remaining confident as the summer of 2023 wears on, …
- 28
- Jul
Recent months, it is fair to say, have been ones of ups and downs for many UK business owners, who have been anxious to see reasons for optimism. The UK did at least avoid what had once been a widely …
- 21
- Jul
It has been clear for all to see in recent times that firms across the UK have been buffeted by a range of adverse factors, not least inflation and climbing interest rates. However, at least one recen…
- 17
- Jul
There sadly isn’t a lack of indicators of the exceedingly challenging situation for many small businesses in the UK – and beyond – at the moment. Sure enough, another one has emerged, with it be…
- 12
- Jul
According to at least one source, it would seem that confidence in the UK economy among the country’s business leaders has declined markedly recently, erasing the progress that had been made in this…
- 10
- Jul
In news that will not be cheering for the Bank of England (BoE) as it continues to struggle to drive down inflation, it has emerged that a far greater number of companies in the UK services sector are…
- 2
- Jul
Amid continuing concerns about inflation and the economy, it seems that the UK Government has at least some reason for cheer: the “tax gap” for the year 2021 to 2022 has remained at its lowest eve…
- 30
- Jun
It isn’t just businesses up and down the South West of England and beyond – including many that have reached out to TS Partners about our digital accountancy in Plymouth, Wellington, or Newton Abb…
- 28
- Jun
In a development that has been described by one industry expert as “somewhat ironic”, it has emerged that the non-departmental funding body UK Research and Innovation (UKRI) owes HM Revenue & …
- 26
- Jun
UK organisations that are keen to take responsible and compliant approaches to their tax and accounting in Newton Abbot, Plymouth, or Wellington may be interested to read about new Government plans th…
- 24
- Jun
No doubt that for many of our blog readers, the various business surveys, indexes, and barometers will be key topics of reading and conversation, as business owners around the UK assess the prospects …