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

The London Economy Tourism - Essay Example The 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 year round, but this has come under threat not 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 year 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 driver of the economy of London attracting 15 million visitors of overseas visitors who were staying and 11 million domestic visitors staying in the year 2008 alone. In addition, several surveys estimate that about two hundred million visits by tourists are made to London either within the capital or within the outskirt s for the numerous attractions, art exhibitions, historical sites and other tourist attractions. Tourism and related activities helped support 253, 000 employment opportunities and resulted in expenditure by visitors amounting to U. K. ? 22 billion 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 London’s 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 reduction 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 while that of domestic visitor numbers rose from a figure of 10.1 million to 11.3 million. In terms of the economy, the revenue generated from tourism toward s 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 show 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 have been put in place to position London as an ideal tourist destination (LDA 2009). Some of the famous tourist attractions in London include Buckingham palace that attracts about 15 million tourists per year, Green Park and St. James Park, the Victoria and Albert Museum the leading museum of its category globally, the British Museum, the Tower of London along River Thames, the Tower Bridge and the Big Ben. However, the cultural sector of London 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% ci te 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 management of London has played a key role in the provision and support of the cultural heritage of London to ensure fair access. When viewed as a cultural metropolis, tourism contributes to the employment of about half a million