Thursday 13 October 2016 11:47 am

Face-to-face meetings boost London’s economy by £54bn a year

The London economy receives a boost to the tune of £54bn a year from businesses conducting face-to-face meetings when trying to secure business, new research shows. 

When a London-based company conducts an in-person meeting with another business or client, it stands to gain an average income boost of £248,100 per year and £54bn across the region, according to consultancy the Centre for Economics and Business Research (CEBR) and hotel group Premier Inn.

This was more than 10 times higher than the £5bn total boost in Wales and the north east. London's total revenue boost from meetings outpaced all other UK regions and was far ahead of the second most lucrative region, the south east, where meetings add £32bn to the economy.

Read more: How to ensure your meetings are productive

In addition, for every £1 spent on business travel by organisations in the capital, they reap a 60 per cent return on investment, the representative study of the total number of private sector businesses in the region found.

Across the UK, meetings make an annual contribution of £193bn to the economy.

Karen Plumb, director of business to business at Premier Inn, said:

Human interaction has long been recognised as important in business but I am pleased that we can now pinpoint precisely how much it’s worth to UK companies.

These figures may encourage some businesses to reflect on their own balance of virtual and face-to-face interaction, and to consider how getting that balance just right can have a positive impact on their bottom line.

Read more: Why businesses should ditch bosses, offices and meetings

Total revenue boost from face-to-face meetings by region

Region Boost
London £54bn
South East £32bn
West Midlands £19bn
East of England  £16bn
North West £15bn
Yorkshire and the Humber £14bn
East Midlands £12bn
South West  £11bn
Scotland £10bn
North East £5bn
Wales £5bn