Against this background, both brewers and independent pub operators continue to review their estate portfolios. At the same time, industry consolidation is increasing with, in particular, merger and acquisition activity amongst independent pub chains having risen over the last year. The ten largest operators are now estimated to own over 45% of UK pub outlets.

Little improvement in trading conditions is expected in the short term, with total alcohol consumption expected, at best, to rise only modestly over the next twelve months. Pubs will continue to vie with other licensed premises, as well as the take-home trade, in a fiercely competitive market.

Opportunities for some pubs to gain business from nightclubs may arise in the medium term when proposed licensing reforms come into force. Large city centre/high street pubs would be most likely to take advantage of the opportunity to extend opening hours. However, only a very small proportion of pubs would be likely to open 24 hours.

Pubs which offer a wider range of products and services will generally fare better than purely drink-oriented pubs. This trend is unfavourable to small, lower turnover outlets which will remain most at risk of disposal or closure as estate portfolios continue to be reviewed. Given the benefits that can be gained through economies of scale, further industry consolidation is expected.

Tourist industry in the UK

London

The Romans founded the city of Londinium in the first century on the banks of the river Thames. They went about their business, building roads and aqueducts, as you would expect. Parts of these roads are still visible today. Amazing.

In 1066 the Normans (Frenchmen) invaded England and London seemed like a good choice as the capital city. Apparently this was the last time the British lost a battle on home soil......don't mess with these guys. By the year 1600 London was home to 200,000 inhabitants and things were going along swimmingly.

This all changed in 1665 with the arrival of the bubonic plague (Black Death), carried by rats, which wiped out half of the population. The next year (1666) marked the Great Fire of London. This had the effect of dealing the death blow to the remnants of the plague, while destroying most of London at the same time. Talk about consecutive action-packed years. The modern city is based upon the subsequent rebuilding of the city.

London expanded all the while. This was facilitated particularly by the opening of over ground and underground railway systems. The first underground line was opened in 1863 and used steam engines to ferry passengers around. Think about that the next time you're on the tube.

World War II bombing and commercial expansion have changed the face of London. Recently the Docklands area has been rejuvenated and the Millennium Dome (the largest of its type in the world) has been added to Greenwich.

London, an amazing city where the old lives alongside the new.

Tips for tourists

There are a few obvious things to take care of before you head off to the UK, like buying an air ticket and sorting out your visa. There are a few other factors to consider too that will take care of any hitches that you may experience on your travels.

Travel insurance

Don't take a chance with your health. Foreign doctors bills can be massive when converted into home currency. Also, it is much easier to communicate with medical staff in a non-English speaking country in the foreign backwaters when you flash your medical insurance card.

International drivers licence

You may want to demonstrate your driving prowess on the narrow lanes of the English countryside. You will not hire a car without your international driver's licence. A short visit to your local AA branch with a few passport photos, your licence and an administration fee will get you sorted out. Money well spent.

Car Insurance

You may wish to purchase a runabout while in the UK. The decision on whether you opt for car insurance or not in the UK is made for you. Car insurance is compulsory. Your car insurance should be subjected to a discount if you have a reference letter from your local insurers. This should be on a letterhead and state that you have paid your premiums and what your no claims bonus is.

Photocopy vital documents

Losing your passport in the UK is not a pleasant experience, especially as its loss would typically dawn upon you 2 weeks before you are due to jet off to the holiday destination of your dreams. There is, however, a worse experience and that is losing your passport and not having a photocopy of it. Make a copy of all important pages, including your visa. This will not only speed up the application process, but you may need the photocopy of your UK visa to get back into the UK, if you don't have time to apply for a new one. In fact, photocopying all important documents (ID book, international driver's licence etc.) is highly recommended.

Travellers cheques

Carry most of your cash in travellers cheques. Remember to keep your receipt with the cheque numbers separate from your cheques and keep a list of these numbers in your diary. There are a number of ways of converting these cheques into cash. The best is to put them into the safe haven of a bank account. Alternately, you could visit a branch of your travellers cheque issuer in London and exchange them for cash. The third, and most expensive, option is to exchange them at a Bureau de Change. These places can sting you with commissions and non-favourable exchange rates. Stay away if possible.

International Student Identity Card (ISIC)

A number of discounts are available to these members (youth hostels, transport, cinemas etc.) The ISIC card is available from your student body or selected travel agents.

Passport photographs

Take a few of these with you. You will use them for everything from purchasing travelcards to applying for visas etc. One of those really handy items for the wallet. There are photo machines at most underground stations, but you can't beat having your own stock when it comes to cost and convenience.

Development of tourist industry

For an epidemic which occupied acres of newsprint for several months, the lasting impact of the foot-and-mouth crisis on British tourism seems likely to be somewhat less than apocalyptic.

It was a point well made during the crisis that, while most public attention and sympathy focused on the farmers whose flocks were being culled, the greater impact on the economy was likely to be on the tourist trade.

Tourism is far more important than the foot-and-mouth afflicted parts of agriculture to the UK economy. Agricultural output is only around 2 per cent of the economy, and livestock farming just 0.5 per cent.

Hotels and restaurants alone account for more than this, about 3 per cent of the economy; but the overall importance of the tourist industry is far larger, with knock-on effects on retail and other services spending. The British Tourist Authority calculates that about 7 per cent of gross spending in the economy is done by tourists.