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Published on : Friday, July 8, 2016
Immediately after the referendum, the airlines were lumped in with banks and property firms as the shares to sell. The parent company of British Airways, IAG lost a third of its value following the announcement of the results. However, what seems confident is that the outbound travel from Britain will definitely take a hit. With the weak pound value, the rest of the world will become more expensive, which might cause a rein in the corporate travel.
Europeans accounted for 73% of travellers to Britain in 2015. But a study from Euromonitor suggested that the outlook might be just as bad. But, with Brexit also likely to harm economies across the rest of the continent, Euromonitor is forecasting that by 2020 there will be 5% fewer visitors to Britain compared with if there had not been a vote to leave.
Visitors numbers from France, who contribute as the largest source of Britain’s tourists will be hold up as Euromonitor predicts. French tourists proved more resilient than most during the recession that followed the financial crisis of 2008. it is the Germans and Americans who prove to be flaky and will send around 500,000 fewer travellers to Britain as compared to what otherwise has been expected. This although looking overly pessimistic, is not that bad after all. The cheaper pound value in Britain will attract overseas visitors. Americans in particular, who are among the highest-spending tourists in Britain, are likely to feel the benefit.
Regardless of the type of visa deal struck between Britain and the rest of Europe, they are already used to standing in long immigration queues at British airports, watching those from France and Germany swan through the EU channel. Also, with the fewer Europeans wanting to travel to America might well mean that there will be a reduction in the cost of transatlantic flights.