The London Economy Tourism Essay Example | Topics and Well Written Essays - 2250 words

The capital of the United Kingdom Economy tourism - Essay ExampleThe success has also been attributed to the deregulation of the market and exchange controls. London remains a pre-eminent global city for doing business and attracts millions of tourists every twelvemonth round, but this has come under threat non only from the economic upheavals but also from the emergence of new business and tourism hubs such as Dubai and Mumbai. London is ranked as the most popular city in the world and attracts millions of tourists every socio-economic class who travel to London to see and admire the impressive monuments, exploring the vibrant and diverse culture of the inhabitants of the city or pay a visit to the historical sites in London (LDA 2009). Tourism is a key device driver of the economy of London attracting 15 million visitors of afield visitors who were staying and 11 million domestic visitors staying in the year 2008 alone. In addition, several surveys estimate that about two hundre d million visits by tourists are do to London either within the metropolis or within the outskirts for the numerous attractions, art exhibitions, historical sites and some other tourist attractions. Tourism and related activities helped support 253, 000 employment opportunities and resulted in expenditure by visitors pithing to U. K. ? 22 one thousand million which consisted of U.K. ? 8 billion is generated by staying overseas visitors. While much of the tourism takes place at the capital city at the inner sections, the significance is felt as a whole including the boroughs. The Londons visitor economy grew steadily in the leisure market in the period 2002 to 2007, making a quick recovery from the adverse effects of the terrorist act of September 11 characterized by a simplification in the number of staying tourists. Nevertheless, the number of visitors to London from overseas declined from 15.3 million to 14.7 million in the year 2007 period that of domestic visitor numbers rose from a figure of 10.1 million to 11.3 million. In impairment of the economy, the tax income generated from tourism towards the economy of London comprise about 10 percentages of the gross value added income of London and the projections is that the amount spent by tourists in London costs about U.K. ? 15 million per year. The statistics also parade that about 13 per cent of the people who work or are employed in London are in the tourism sector alone and is predicted to rise dramatically due to the marketing strategies that support been put in place to position London as an ideal tourist destination (LDA 2009). approximately of the famous tourist attractions in London include Buckingham palace that attracts about 15 million tourists per year, park Park and St. James Park, the Victoria and Albert Museum the leading museum of its category globally, the British Museum, the hulk of London along River Thames, the Tower Bridge and the Big Ben. However, the cultural sector of L ondon is the major contributor to its economy in terms of the income and the jobs it generates to the citizens as many tourists comprising 70% cite it as the major reason for their visits. This is achieved from the high number of overseas visitors who flock into London to see and visit its numerous attractions and the central as well as the commission of London has played a key role in the provision and support of the cultural hereditary pattern of London to ensure fair access. When viewed as a cultural metropolis, tourism contributes to the employment of about half a million