The Impact of Brexit on The Event Sector
The recent Brexit vote in the UK has left an air of uncertainty in the business community. With so many questions over immigration, access to the single market, EU law, trade agreements still being decided businesses have been somewhat cautious in their outlook. The markets have had a turbulent time and the uncertainty will no doubt in the short and medium term feed down to the economy.
Said Khan has launched the #LondonIsOpen campaign to try and show that the capital is still a hive of activity. However, what does this all really mean to the events industry globally? Even if the UK does manage to negotiate new trade agreements and leave in a somewhat peaceful way from the EU, there is no doubt going to be some ripple down affect to the economy in the UK and Europe. This will of course have a knock on affect to event industry. There will of course be winners and losers from the ongoing negotiations and outcome.
So what’s happening to the event industry due to Brexit?
Prior to the vote a survey carried out by a an umbrella group representing London – Business Visits an Events Partnership (BVEP) found that 60% of members thought a “leave” vote would result in fewer events coming to the UK.
Since the vote C&IT publication published a poll that showed 83% of event professionals think that the leave vote will be negative for the events industry in the UK.
So, if the UK are to potentially lose out from the Brexit vote, who are likely to be the winners? Event professionals in Asia who have limited business connections to the UK could be one of the likely winners. It’s likely that the UK will try and pivot towards Asia to win trade deals. The visits by UK governments over the past few years have shown that they will be looking to forge new business links, just last week Phillip Hammond was in China doing just that.
In the short term the affects of Brexit are being felt globally with increased market uncertainty. In the long term the increased trade links with Asia and the declining position of the EU will critics have argued likely lead to an increase in event activity within Asia’s biggest markets of Japan and China.