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Adam Stewart Receives Jamaican National …

Adam Stewart Receives Jamaican National Award for Contribution to Tourism

Adam Stewart (right) Deputy Chairman and Chief Executive Officer of Sandals Resorts International receives the Order of Distinction (Commander class), for his outstanding service to tourism and the hotel sector...

Quality Service and Premium Canine Secur…

Quality Service and Premium Canine Security

All is not lost in security techniques in Barbados; in fact all should be well if you get to know the people associated with Premium Kennels located at Worthing View,...

Focusing on Health with 21st Century Onc…

Focusing on Health with 21st Century Oncology

Elizabeth Paucar Director of International Services, Medical Operations at 21st Century Oncology in discussion at 2013 ASCO Conferernce held in Barbados 21st Century Oncology pride themselves with being the premier provider...

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D’ Chancellor brings forth Carnival 2017…

D’ Chancellor brings forth Carnival 2017 track “Wajank”

The word ‘Wajank’ is a slang which originated in Trinidad and Tobago and is defined as a person who acts in an irresponsible or reckless manner. For Carnival 2017 Soca...

Damage Kontrol “Ringing The Alarm”

Damage Kontrol “Ringing The Alarm”

With the island celebrating its Golden Jubilee this year, local Foreday Morning franchise, Damage Kontrol Entertainment is getting in on the action. Now in their fourth year on the scene,...

Fire Fete Rescheduled To Accommodate Vis…

Fire Fete Rescheduled To Accommodate Visiting Carnival Enthusiasts

An executive decision has been made to extend the opportunity for foreign carnival attendees to experience Fire Fete in 2016. The event will now take place in the heat of...

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Saturday, 25 June 2016 09:57

STATEMENT FOLLOWING THE UK REFERNDUM VOTE IN FAVOUR OF LEAVING THE EUROPEAN UNION - BREXIT Featured

The Barbados Hotel and Tourism Association (BHTA) has advised members not to panic but calmly try to assess the likely impact of the UK’s vote to exit the European Union.

The Association has been cautiously monitoring the lead-up to the Brexit vote but the initial shockwave after a decisive win by the ‘leave’ campaign is extremely disturbing as it has resulted in plunging currency value and stock market prices. Weak currency and reduced spending power coupled with the uncertainty further fuelled by the Prime Minister’s resignation, are concerning.

Immediately, members of the BHTA have been asked to feedback any negative impacts of this volatile situation and the uncertainty that it brings, but cautioned not to make decisions only based on these early signs. The United Kingdom is the source of the highest level of tourism expenditure and arrival numbers and, therefore, the impact could potentially be damaging in the short and medium term. We will monitor closely the possible slowing of the pace of bookings and, at worst, cancelled trips, to feedback to our partners, the Barbados Tourism Marketing Inc.

We caution members that it is still very early and that where strategies to address reduced spend are necessary to have in their arsenal, we must cautiously observe and plan to avoid any knee jerk reactions. Any partners, investors or potential investors should be similarly cautioned. The process for the transition to commence involves an application for exit from the EU and, therefore, we must not hasten the possible fallout by making rash decisions.

The board and members of the BHTA are already in dialogue about possible impacts and required action as we watch the unfolding saga. It is indeed the greatest shock to the United Kingdom market in recent history and we have to be well prepared for what it may bring.