Avison Young’s UK Cities Recovery Index has identified a significant drop in the Hotel & Leisure Index. Since last week, the sector declined by 2%, but a 27% decrease since the end of August has highlighted the volatility being seen across the industry. The ‘Rule of 6’ and the 10pm curfew continue to add increased pressures and concerns, particularly as the end of the furlough scheme nears.

Daryl Perry, head of UK research at Avison Young, commented: “Leisure, hospitality and culture are at the heart of our cities, so the sector needs additional support due to the increasing impact of COVID-19. There has been a notable lack of support for hospitality and the arts, yet it is interesting to see this being taken on at a local level.

“Liverpool City Region recently announced a £40m fund to help businesses in the hospitality sector, which supports over 50,000 jobs in the city. As the end of the furlough scheme nears, support from local authorities will be more important than ever as the rise in unemployment is likely to affect the hospitality sector disproportionately, compared to other key sectors.”