In my recent travels overseas with work, one of the hot topics of discussion has been the UK’s decision to leave the European Union.
Two months have passed since the referendum and what progress have we seen? What answers do we have to those questions we are asked? We have confirmation of a “Department for Exiting the European Union” (know as DExEU - just what we need another acronym!), however, it is yet to be fully established and set up premises.
Roles are unclear, with a lot of squabbling between ministers over who does what and there is talk of delay tactics due to forthcoming elections in both France and Germany. So, as yet there’s no tangible insight to provide any update to our overseas counterparts.
What we do know is that until Article 50 is invoked next year then the future remains uncertain. It’s no surprise respondents to an ITM Brexit survey were reserved when we asked their opinions. Of the 250 buyers and suppliers who participated, 90% said they were not planning on doing anything differently in light of the result. This makes sense, no organisation is looking to introduce change before we know what kind of deal will be struck. However, 63% of buyers think Brexit will eventually push up the cost of flying, while 70% fear that new border control measures will create a new level of complexity for business travel.