Warn­ing slump in UK tourists could cost €70m

Irish Independent - Business Week - - BUSINESSWEEK - Colm Kelpie

THE fall in tourists from Bri­tain this year could cost the econ­omy al­most €70m, a drinks in­dus­try re­port has warned.

The num­ber of Bri­tons vis­it­ing Ire­land plum­meted by more than 6pc in the first half of the year, with the weak­en­ing in ster­ling blamed.

That trend is likely to con­tinue for the rest of this year and the years ahead, ac­cord­ing to the study com­mis­sioned by the Drinks In­dus­try Group of Ire­land (DIGI).

“Bri­tish tourists spent €1.1bn in Ire­land in 2016, but a 6.2pc drop in their num­bers would re­sult in a loss of nearly €70m this year if the trend con­tin­ues,” the re­port said.

“This de­cline is likely to con­tinue for the rest of the year and the years ahead, af­fect­ing jobs and in­come, par­tic­u­larly in rural Ire­land.”

The re­port noted that Bri­tish tourists ac­count for 41pc of all visitors to Ire­land.

Mean­while, the Deutsche Bank CEO has said Frank­furt is now bat­tling New York and Sin­ga­pore for UK bank­ing jobs in the run-up to Brexit, hav­ing al­ready emerged as a clear win­ner among its Euro­pean peers.

John Cryan said that while fi­nan­cial hubs like Paris, Am­s­ter­dam and Dublin would un­doubt­edly ben­e­fit from the UK’s post-Brexit ex­o­dus, none have the in­fra­struc­ture to take a large por­tion of busi­ness from Lon­don.

“For months there have been dis­cus­sions re­gard­ing which lo­ca­tion is set to profit the most once Lon­don is no longer within the Euro­pean Union.

“I can­not fully un­der­stand this de­bate be­cause as I see it, the race had al­ready been won be­fore it even be­gan,” the York­shire-born CEO said dur­ing a bank­ing con­fer­ence in Frank­furt.

But some banks may be look­ing at whether to strip down their EU op­er­a­tions and shift jobs fur­ther afield.

“It is al­ways an op­tion for an in­ter­na­tional bank to re­tain only the ab­so­lute min­i­mum and to carry out prac­ti­cally all tasks that are not con­nected to di­rect client con­tact in Amer­ica or Asia.

“For this rea­son, it’s not about a choice be­tween Dublin, Paris or Frank­furt – it’s about a choice be­tween New York, Sin­ga­pore or Frank­furt.” (Ad­di­tional re­port­ing Press As­so­ci­a­tion)

This de­cline is likely to con­tinue for the rest of 2017 and the years ahead af­fect­ing jobs and in­come

United Con­ti­nen­tal is on the verge of a $14bn deal for the new Air­bus 350900 wide-body jet­liner

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