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September 2022, Virtual
September 29 2022, Virtual
Brexit could trigger travel budget constrictions as businesses seek to “hedge the uncertainty” of a UK exit from the EU, according to the GBTA.
The business travel organisation said if the UK enters a ‘mild recession’ domestic and outbound business travel will suffer. However, a weaker pound will make travel to the UK a “real bargain”, it added.
“The financial upheaval and pending changes to trade and immigration rules will raise management heartburn causing some postponement, and even outright cancellation of business trips,” said the GBTA.
The warning comes as the GBTA publishes its annual travel spend report, which forecasts global business travel to remain resilient over the next few years despite global uncertainty.
The annual spend forecast sponsored by Visa predicts business travel spend to advance 5.8 per cent over the next five years reaching $1.6 trillion in 2020.
“Global business travel remains a critical driver of the success of organisations around the globe,” said Michael W. McCormick, GBTA executive director and COO.
“Business travel has demonstrated a tremendous resiliency as it continues slow and steady progress even in the face of global uncertainty, a weakened global economy, terrorist attacks, world health issues and other obstacles.
“Companies across the globe clearly understand the return on investment business travel delivers for their bottom line,” said McCormick.