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Pound to euro exchange rate: GBP could improve today as it battles Brexit pressures | Travel News | Travel

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The pound has suffered from both Brexit pressures and new data this week and has endured ups and downs. It is currently trading in a narrow range against the euro but could be set to improve today, depending on most recent data. The pound is currently trading at €1.110 against the euro, according to Bloomberg. Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

“After a week of ups and downs the GBP/EUR exchange rate remains trading below the €1.110 level,” said Parsons.

“The pound may have a chance to climb before the weekend however if the UK’s services PMI shows growth in the country’s most dominant sector.

“Sterling could also strengthen against the euro if the Eurozone’s latest inflation figures reveal a decline in consumer price pressures.”

According to figures published by IHS Markit on Wednesday, activity in the UK’s factory sector appeared to pick up in December and struck a six-month high.

The impact of this was dampened by the suggestion that the positivity is to be short-lived.

However, UK’s December construction PMI – released yesterday – revealed a steeper-than-expected drop to 52.8 from 53.4, so not every sector has felt the positive upswing seen in the factory arena.

Tim Moore, Economics Associate Director at IHS Markit, noted: “UK construction firms signalled a slowdown in housing and commercial activity growth during December, which more than offset a strong performance for civil engineering at the end of 2018.

“Subdued domestic economic conditions and an intense headwind from political uncertainty resulted in the weakest upturn in commercial work for seven months.”

Looking ahead at today’s December Markit services PMI for the UK, these figures are also likely to cause movement as the services sector accounts for over 70 per cent of total UK growth.

Economists have predicted an increase from 50.4 to 50.7, and if this proves to be the case the pound might be able to get back some of its recent losses before the weekend.

The UK’s departure from the EU has had the strongest impact overall on sterling over recent months.

The country is now facing fewer than 100 days to go until the scheduled departure date.

However, Britons do not need to fear Brexit affecting holidays. A Downing Street spokesperson has said it was “categorically untrue” that people had been warned not to book trips beyond March 2019. 

Travel agents’ body ABTA has said: “There is nothing to suggest that you will not be able to continue with your holiday plans after 29 March.

“Even in a no-deal scenario, the European Commission and UK Government have said flights to and from the UK will still be able to operate.”

Elsewhere, authorities have warned the euro could face difficulties in 2019 if reform does not take place.

The Centre for Economic and Business Research said in its annual predictions for 2019 “internal contradictions” would force the Eurozone to “integrate economically” or “risk breaking up.”

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Travel & Escape

Opinion: Are we ready for the tourism rebound?

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Canadians are ready for the borders to be re-opened and will be flocking to sun destinations this winter like never before. The number of people who have said that they are ready to “get out of Dodge” and “fly the coop” is an indication that there is a pent-up demand for travel and excursions that has been bolstered by a two-year sabbatical from vacations of any semblance. 

While Canadians are going to be heading south, we can expect some of our citizens as well as those from other nations to be looking to Canada for their adventure holidays. When the requirements for the two-week quarantines are lifted, we will be seeing a quick rebound of tourism as other countries who have already lifted their restrictions have seen. 

But are we ready?

In 2019, tourism contributed $105 billion to the Canadian economy. Tourists from outside of Canada spent over $16 billion dollars.  Those numbers were down considerably in 2020 and it is only natural that many people in the industry suffered as a result of the effects of the pandemic and lockdown restrictions.

While some folks, fearful of the spread of variants, believe that the borders should never be re-opened, the reality is that to save our tourism industry and the economy, we need tourist traffic from outside of Canada as well as interprovincial travel. As Canadian and foreign tourists start their migration towards our tourist and nature attractions, there is some hesitancy about the readiness of the industry to manage the coming tsunami of people.

Hit harder than many sectors, the tourism industry has been affected by the pandemic in ways that other industries haven’t. The closure of attractions, fairs, tour bus companies, sporting events, concerts and community events with any semblance of a large group has forced workers in this industry to look for jobs elsewhere to survive. As a result of this migration of talent there will be many tourism related businesses that will have difficulty scaling up to meet demand.  According to Statistics Canada, 32 per cent of accommodation and food service companies expect that attracting workers is going to be an obstacle for them this year.

Even if you have some warm bodies to fill your positions, having well-trained staff will remain a problem for many tourism and food service companies. Most business leaders in the industry understand the result of having improperly trained staff working in positions serving the public. The consequences of poor customer service can be long lasting and devastating. Unfortunately, as a result of the constant opening up and shutting down scenarios that have been seen in the economy over the past 18 months, most operators have been reluctant to increase the staffing levels that will be necessary to meet demand. The consequences will be that there will be no other option but to have staff that are not fully trained or optimally equipped to take care of the flood of vacationers.

In order to adjust to the coming demand, tourism-related businesses will need to be prepared to hire and train new employees to promote and deliver their services. This should include systematization of training, hiring and onboarding processes to enable companies to get up to speed quickly when the demand starts.  

While tourism deserves to have their days in the sun and profit from increased business, we need to recognize as Canadians that it takes a country to host visitors and we need to encourage and support those people in the industry who have been hit so hard.

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Travel & Escape

COVID-19: Tourism bookings start increasing as B.C. opens up

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Tourism in B.C. is restarting but don’t expect it to be the same as it was before the COVID-19 pandemic.

While B.C. Ferries is welcoming recreational travellers and relaxing its mask requirement at terminals, face coverings will still be mandatory on board whenever you’re not in your vehicle.

Several Indigenous tourism businesses and locations that were closed to visitors are planning to reopen July 1.

Other tourism businesses are welcoming back visitors but won’t be in a position to handle big volumes because of a lack of staff, said Anthony Everett, president and CEO of Tourism Vancouver Island.

“Everyone needs to travel with a great deal of patience,” Everett said from Nanaimo. “Most businesses are running at a fraction of capacity of what they did prior to COVID.”

Many tourism sector workers have left the industry and found work elsewhere, Everett said. Particularly hard hit are restaurants that can’t find kitchen workers and companies doing tourism-related activities such as kayaking.

He said the benefits of tourism won’t be evenly distributed.

Last year, Victoria struggled all summer long and while bookings for accommodation have increased, some of the city’s restaurants are only open for lunch, others only for dinner.

“This is all going to take time to build up,” Everett said.

“Frankly, I think it will take years. This summer, bookings are going up, that’s what we’re been waiting for. It’s not going to be the exact same experience you were used to prior to the pandemic. I hope people remember and recognize that.”

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Travel & Escape

Mountain biking the Sea to Sky Trail

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With the 700-metre granite dome of the Stawamus Chief as a backdrop, my friend, Ken, and I climbed on our bikes in Squamish and began pedalling north. Our destination was Whistler, an uphill trek of some 80km that we hoped to cover in two days.

It would be easier to ride the opposite way—from Whistler to Squamish—because it’s downhill. But it wouldn’t be the Sea to Sky Trail if we rode that way. Besides, how hard could an elevation gain of more than 600 meters be?

I have driven the Sea to Sky Highway to Whistler many times. It’s arguably one of the best drives in Canada, but when I learned about the Sea to Sky Trail, I knew I needed to experience it on a bike. It’s a slower pace, and largely away from the highway, so it would allow us to appreciate the journey—the valleys, river gorges, lakes, and forests—in a way you can’t in a car.

While the Indigenous peoples of the Coast Salish and Interior Salish have used this corridor as a historic travel and trade route, the idea of a multi-purpose Sea to Sky Trail was first imagined in the early 1990s. But given the geographical and funding challenges, it’s only been in the last decade or so that the vision of the 180km trail from Squamish to D’Arcy, north of Pemberton, has been realized.

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