THE MAJORITY of UK businesses are set to ramp up their travel spending in the next year, according to new research.
Data published yesterday by American Express revealed that 68 per cent of UK companies would increase their business travel spending by at least 50 per cent, while four in 10 firms are looking to travel more. The vast majority believed that business travel was fundamental to drive profitability and growth.
Figures published in June by WPI Economics showed that a return to pre-pandemic levels of business travel by next year would lead to a 50 per cent rise in UK growth rates by 2030.
"Businesses had no choice but to press pause on a lot of travel over the last two years and lean on virtual alternatives to build relationships with customers and colleagues," said
Hana Lear, American Express' corporate vice president of UK card services. "However, there's clearly a renewed focus on the entire business travel experience to ensure both companies and employees maximise the value of trips."
Commenting on the data, a spokesperson for the Airport Operators Association said aviation is a "major economic enabler" and airports welcomed a future increase in business travel.
(c) 2022 City A.M., source Newspaper