Hospitality sector R&D investment outperformed UK industry in Q1
According to figures released by the ONS, the amount invested in R&D by accommodation and food service firms held steady at £20m over the period
Research and development (R&D) investment in the hospitality industry remained steady in the first quarter of 2021, outperforming the wider UK economy, according to recent figures from the Office of National Statistics (ONS).
The amount spent in R&D by accommodation and food service firms held steady at £20m over the period.
Overall, total R&D spending by UK businesses dropped by 3% annually to £9.7bn in Q1.
Furthermore, the industry posted growth of 15.9% in R&D investment from £69m in 2019 to £80m in 2020.
However, this is still significantly lower than the sector’s record high of £84m which was recorded in 2016.
Mark Tighe, CEO of R&D tax relief at consultancy firm Catax, said: “The hospitality sector may be starting from a low base compared to most industries, but it has still done well to hang on to the same level of R&D spend that it was recording before anyone knew what Covid-19 was.
“We expect this picture to improve as life returns to normal and greater certainty gives firms in this sector the confidence and leeway to invest for the future.”
