Brexit and Travel: The Risks of a Tourism Downturn in Asia
On June 24, 2016, votes were tallied and UK was in favor of withdrawing from the European Union. How will the exit affect tourism in Asia? Join us as HVS takes a closer look at the current situation.
For several years, the term Brexit has become a household name in not only countries in Europe but also countries around the world, being the withdrawal of the United Kingdom from the European Union. In 2012, UK Prime Minister David Cameron rejected calls for a referendum on membership in the European Union. However, he did not rule out a referendum happening in the near future. Fast forward to 24 June 2016, the people in the UK gathered and voted after a heavily publicised and contested pre-referendum period by both the 'Leave' and 'Stay' camps. In the end, 48.1% of those who voted preferred to stay and 51.9% preferred to leave. The vote was largely split by the greater London area and Scotland being in favour of 'Stay', whereas most other parts of the UK voted in favor of 'Leave'.
