Brexit and the Hospitality Industry – Bookings, Visitor Numbers Up
Move aside British business pessimists! Brexit might not be bad for our £143bn-per-annum Hospitality Industry, after all.
According to Eduard Elias, Managing Partner at Cycas Hospitality, “immediately after the Brexit vote, when the pound dropped in value, pre-paid bookings in our London hotels went through the roof.”
What about regulations? Won’t the UK have to establish new food hygiene regulations and mirror Brussels-led legislation, in order to satisfy our continental export markets?
Not at all, says the World Health Organization (WHO), who set international standards that serve in many countries as the basis for their own domestic laws. Moreover, Hazard Awareness and Critical Control Points codes (HACCP), developed by US scientists in the 1960s, also form the basis of food safety practices the world over.
“It is true that the falling pound, and other events around the world, such as the tragic rise in terrorism in Paris, have played to London’s advantage in relation to the hospitality sector,” said Richard Bingley, Managing Director at GBS (Global Banking School).
Business services experts, the ELAS Group, reported recently that: “In France, terror attacks hammered visitor numbers, with the number of Japanese tourists in Paris falling by nearly a half, Italians by a quarter and Russians by a third.”
“But tragedy and confidence about Brexit, should not eclipse some very serious underlying strategic questions,” argues Bingley. “The hospitality sector employs some 4.5million people in the UK, one tenth of our workforce. We therefore need government support and strategy – including through simplifying apprenticeships and reducing other policy uncertainties – to drive our hospitality industry forward and embed its longevity. Just in the way that US and China’s policy-makers do.”