Tuesday 19 June 2018

Warning slump in UK tourists could cost €70m

Brexit is set to lead to a banking exodus from London to the EU and beyond says Deutsche Bank
Brexit is set to lead to a banking exodus from London to the EU and beyond says Deutsche Bank
Colm Kelpie

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)

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