LONDON: 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.
