Impact of EU exit 'impossible' to assess, says GBTA

Impact of EU exit 'impossible' to assess, says GBTA

The executive director of the Global Business Travel Association (GBTA) says it is “impossible” to instantly assess the impact of the Brexit vote.

The comments by Michael McCormick reflect general uncertainty triggered by the vote to leave the European Union.

The pound fell sharply against the dollar to as low as $1.3236 in trading in Asia today, adding to Friday’s record one-day decline, the BBC reported.  

Stock markets plunged on Friday, with more than $2 trillion wiped off the value of global stock markets, according to Standard and Poor's Dow Jones Indices.
Christine Lagarde, head of the International Monetary Fund, said that the UK's vote to leave the EU had caught the financial markets by surprise.
But despite that, there had been "no panic" and the markets were "under control".
McCormick added: “The outcome of the UK’s referendum heralds a period of change within the EU. 
"During this time, GBTA and its partners across Europe and in the UK will continue educating its members on the impact for business travellers and the business travel sector and will work together to promote and defend the interests of the business travel industry."
"While it is impossible to immediately assess the implications of the result on the UK, European and global economy and on international relations and world order at this point, GBTA remains committed to the same principles it always holds strong: ensuring business travellers maintain freedom of movement, business is not disrupted, travel infrastructure remains strong and programs and bilateral agreements that facilitate safe and secure travel like the EU-US visa waiver exemption continue. 
"As the UK and EU move forward with the next steps, GBTA will advocate for these principles."


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