Major global travel and tourism group to quit London HQ and move to Europe because of Brexit
Another major organisation relocates to Europe from the UK
- The World Travel and Tourism Council (WTTC) has announced plans to close its UK headquarters and relocate to mainland Europe.
- A primary reason for the move is Brexit, with benefits including lower operational costs, EU single market access and recruitment flexibility.
- Manfredi Lefebvre, WTTC chairman, confirmed Brexit as a main factor, with potential new locations including Switzerland, Italy, and Spain.
- This decision follows a trend of other major institutions and companies, such as Bank of America Merrill Lynch and Panasonic, moving operations out of the UK due to Brexit.
- The Office for Budget Responsibility (OBR) has previously calculated that Brexit will lead to a long-term 4 per cent reduction in the UK's GDP.