World Travel Market: How will Brexit affect travel trade?
BRexit
07 Nov 2017
/ 10:52
LONDON.Fears about the impact of a ‘no-deal’ Brexit on the travel trade dominated debates at World Travel Market London – the leading global event for the travel industry.
The European Parliament’s Brexit negotiator, Guy Verhofstadt MEP, told industry bosses that a ‘no-deal’ outcome was the worst-case scenario for travel and other sectors.
Dubbed the ‘Brexit botherer’ by some British media, the former Belgian PM outlined his vision for a ‘United States of Europe’ – along with the lines of the United States of America – at the Leaders’ Lunch on day one of WTM London.
He told delegates that he is looking at the possibility of UK citizens being able to apply for EU citizenship after Brexit, and agreed with British Prime Minister Theresa May that there should be a transition period so there is no disruption to the economy.
“The outbound market will bear the brunt of a no-deal Brexit, as it will reduce demand by 5%,” she said.
“Spain will be the worst hit, losing one million Brits between 2017 and 2022.”
Other speakers in the World Travel Leaders debate agreed that UK consumer confidence could be hit next year but Brits will still prioritize spending on holidays above other expenditure.
However, there were widespread concerns for EU migrant workers based in the UK and the uncertainty about their future.
Euromonitor International predicts that a ‘no-deal’ Brexit will lead to further falls in sterling, which will make the UK an even better value destination for overseas visitors.
Dubbed the ‘Brexit botherer’ by some British media, the former Belgian PM outlined his vision for a ‘United States of Europe’ – along with the lines of the United States of America – at the Leaders’ Lunch on day one of WTM London.
He told delegates that he is looking at the possibility of UK citizens being able to apply for EU citizenship after Brexit, and agreed with British Prime Minister Theresa May that there should be a transition period so there is no disruption to the economy.
- A ‘no-deal’ Brexit would also be the worst-case scenario for the travel budgets of UK consumers.
“The outbound market will bear the brunt of a no-deal Brexit, as it will reduce demand by 5%,” she said.
“Spain will be the worst hit, losing one million Brits between 2017 and 2022.”
Other speakers in the World Travel Leaders debate agreed that UK consumer confidence could be hit next year but Brits will still prioritize spending on holidays above other expenditure.
However, there were widespread concerns for EU migrant workers based in the UK and the uncertainty about their future.
- Inbound operators are reaping benefits from the Brexit effect, thanks to the weak pound.
Euromonitor International predicts that a ‘no-deal’ Brexit will lead to further falls in sterling, which will make the UK an even better value destination for overseas visitors.