Clear
0 Selected+
Filters
Air
Luxury
Operators
Agencies
City and finance
Destinations
Cruise
Technology

Hello! You are viewing your 1 free guest article this week


Please log in or join now for free, immediate and unlimited access to our award-winning online content. Find out more...

Join us
Already a member? Log in here

Travel industry news

04 Feb 2019

BY James Chapple

Share
TRFBLI

No-deal Brexit risks 700,000 travel and tourism jobs says WTTC

A no-deal Brexit risks 700,000 travel and tourism jobs across Europe at a cost of about £40 billion.

Brexit, pound, euro flags
Sharelines

No-deal Brexit risks 700,000 travel and tourism jobs says WTTC

That was the stark warning from new analysis by the World Travel and Tourism Council (WTTC), issued on Monday (February 4).


The WTTC says no deal puts 300,000 travel and tourism jobs in the UK at risk, and 400,000 across the wider EU.


This would come at a cost, it estimates, of £18.6 billion to the UK economy, and a further £22 billion to the 27 remaining EU economies.


According to the WTTC, travel and tourism contributes about €1.5 trillion to the EU’s GDP (10.3%) and supports 27.3 million jobs (11.7%).


The UK sector is worth £213.8 billion (10.5% of GDP) and supports about four million jobs (11.6%).


The WTTC’s analysis is based on the International Monetary Fund’s forecasted 7.7% fall in economic activity across the UK resulting from a no-deal Brexit.


Gloria Guevara, WTTC president and chief executive, said: “The UK is the fifth largest travel and tourism economy in the world. Given its importance of the UK economy, it is now clear a no-deal Brexit would have a dramatic impact on one the UK’s most important economic sectors.


“If the IMF prediction on the wider economy is realised, there would be a total cost across Europe of more than £40 billion and more than 700,000 jobs compared to our projections. Our members are already seeing an impact on their businesses and workforce.”


The WTTC has identified four factors the UK must strive to achieve during its Brexit negotiations to minimise the impact.


These are: continued access to the single aviation market; visa-free travel between the UK and EU; mobility of labour for travel and tourism employees; and security cooperation to avoid hard border checks.

What’s your view? Email feedback@ttgmedia.com and let us know your thoughts or leave a comment below.

Add New Comment
Please sign in to comment.
Show me more

Follow Us



Twitter
LinkedIn
Facebook
Instagram
YouTube
Soundcloud
TTG Media Limited.
Place of registration: England and Wales.
Company number 08723341.
Registered address: New Bridge Street House, 30-34 New Bridge Street, London EC4V 6BJ
Scroll To Top