Thu, 05 Aug 2021

England's Euros success boosts economy

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21 Jul 2021, 06:24 GMT+10

Despite the devastating loss England suffered against Italy at the 2021 Euros final, this didn't deter from the huge achievement made by all of the England team. The patriotism that flooded this country before, during and after the tournament was astonishing - consequently bringing everyone closer together. With the lockdown restrictions having eased somewhat as the tournament progressed, it meant the people of this country could come together and celebrate accordingly.

The economic successes within the hospitality industry have given hope to those that work in it. Not only this, but those that wish to work within that industry now feel encouraged to do so. The Mirror estimate that the tournament will boost Britain's economy by a staggering Pound 1 billion. However, this figure is likely higher still, as the further we made it through the tournament, the more money we spent. So much so that people have begun exploring opportunities for expansion and looking into business loans to help them achieve this.

The main successors from the Euros were the pubs and restaurants that showed the games, especially the England matches. With The Guardian reporting a huge 31 million Brits watched the final on ITV, many of these headed to their local watering hole to watch the game in the company. With drinks and food flowing, this will have had a huge benefit for individual businesses, particularly after such a tough year due to COVID-19 restrictions. Not only this, but England's success will most definitely have contributed to a much higher number of drinks bought, for obvious reasons.

Another industry that saw significant gain due to the Euros was the hotelier industry. Due to fans travelling to Wembley to watch the games, hotels in and around Wembley had an influx of fans venturing to stay closer to the action. This allowed hotels to raise their prices in preparation for the games and attempt to make up for a lost time during the pandemic. Another industry that benefitted from the Euros is travel. With England playing at Wembley six times, you could imagine the chaos if everyone travelled by car. Consequently, many Brits travelled to Wembley by train, thus pumping a lot of money into the travel industries and the economy as a result.

So, despite England not winning the Euro 2021 Final, there have been successes elsewhere throughout the UK. Yes, the easing of lockdown restrictions has contributed to the much-needed economic boost. However, England reaching the final of the Euros undeniably gave it the acceleration it so desperately needed.

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