The night-time economy in the UK is worth £66 billion and employes some 1.3 million people, according to a new report by economic consultants TBR and specialists in the night-time economy, Make Associates.
The NightMix Index (NMI) finds that pubs, clubs, restaurants and theatres between them employ 10 per cent of the UK’s total workforce, account for eight per cent of all UK firms and account for six per cent of all turnover in the UK.
It’s intended that the report will get planners, economists, city centre managers, regulators and investors thinking (or starting to think) about the value of town and city centres after dark.
“It employs a notable proportion of the population, it is significant economically and there is no doubt that locally it can be changed for reasons of economic opportunity and to combat crime and anti-social behaviour,” states the report which also notes a six per cent drop in the number of ‘drink-led’ pubs in the UK between 2006 ad 2009 with ‘food-led’ outlets taking up the shortfall.
Some 3,000 new openings took place during the three-year period with the night-time economy proving itself to be “resilient”.
Top of the night-time economies came Westminster with a turnover of £2.8 billion a year while Sandwell came last in 50th place with a turnover of £50.9 million.