With article 50 being triggered last week and Brexit officially going ahead, we thought we’d take a closer look at exactly how that will affect the events industry.
The immediate places that event professionals focus will turn to in the wake of Brexit is their tourism and events overseas. Some events may have already been cancelled and others you might be reconsidering yourself with the changing value of the pound. Other areas that event profs may be concerned about include whether or not businesses will choose the UK over other, more stable, European countries and relationships.
Whilst the worry here has been prominent, there doesn’t necessarily need to be a concern. In fact, some have pointed out that if the pound is down, it will actually be cheaper for people to travel and experience our country, thus increasing rather than decreasing tourism. If your event business does centre around tourism then you can relax!
Obviously, the fluctuating value of the pound and the uncertainty surrounding what we can and cannot do once we have officially left the EU for good in two years time is causing instability and reducing confidence. A further problem is the ordering of stock and supplies. Whilst the pound is low in value, events companies will lose money when importing stock and supplies. This will remain uncertain for as long as the value of the pound.
Brexit has a direct impact on relationships. Firstly, of course, there are your relationships with clients oversea who are more likely to choose certainty than Britain for their next event, unless you can strengthen the relationship. Further, some companies are recommending that the best way forward for staffing is to nurture, offer incentive and promote within the company, as it will be harder to hire with immigration difficulties and citizenship worries not yet worked out.
Wherever you stand on the divorce of the UK from Europe, remember that the events industry is all about bringing people together and building relationships, and we shall continue to do so!