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Pound to euro exchange rate: Brexit vote to impact on GBP today – deal latest | Travel News | Travel

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The pound to euro exchange rate benefited from Eurozone data yesterday and has climbed against the common currency. A meaningful vote on the terms of Brexit is scheduled to take place today which will affect the pound’s movements. Experts have warned the all-important vote on Theresa May’s proposed deal could see GBP falling should it be rejected. Uncertainty around the future of Britain will likely cause the pound to fluctuate throughout the day.

Sterling is currently trading at €1.124 against the euro, according to Bloomberg at the time of writing.

Laura Parsons, currency analyst at TorFX, spoke to Express.co.uk regarding the latest exchange rate figures.

“Markets might be braced for today’s crucial vote on PM Theresa May’s Brexit deal, but that didn’t stop the pound advancing on the euro yesterday,” she said.

“The GBP/EUR exchange rate was able to remain comfortably above €1.120 as less-than-impressive industrial production figures from the Eurozone exacerbated concerns about the bloc’s economic output.

“The pound may spend today fluctuating ahead of the vote, and if the deal is rejected by a significant margin (an outcome which would increase the current level of uncertainty) we would expect sterling to fall.”

In a speech yesterday to workers at a factory in Stoke-on-Trent on the eve of the critical Commons vote, May claimed the UK is more likely to stay in the European Union (EU) than leave without a deal.

The announcement saw the pound climb again the euro, trading at €1.1225 against the euro at just after 12:00 GMT, up from the open of €1.1199.

Comments from an unnamed Cabinet minister also suggested the UK may not leave the European Union as planned on 29 March. /finance/city/1071881/Pound-euro-exchange-rate-GBP-EUR-eurozone-industrial-contraction-tfx

The source told the Evening Standard newspaper: “Certainly, if there was a defeat on Tuesday and it took some time before it got resolved, it’s hard to see how we can get all the legislation through by March 29.”

Michael Brown, Senior Analyst at Caxton FX comment on the impact of Brexit on sterling: “While the outcome of the parliamentary vote on the Brexit withdrawal agreement cannot be known for sure, it appears increasingly likely that the vote will go against Theresa May on Tuesday, and the Conservative government.

“Such an outcome would create further uncertainty and exert more downward pressure on Sterling, likely in the region of 3 per cent – 5 per cent as an immediate reaction to the vote.

“However, this might not be the end of the misery for the pound as its future currently lies with four possible options – further negotiations with the EU leading to a second parliamentary vote, a no-deal Brexit, a motion of no confidence in the Government being put forward by the Labour party, or a delay to the Article 50 process.

“The first three scenarios would be sterling negative in the near term, with the most downward pressure on the pound set to come from the risk of a disorderly, no-deal Brexit.

“In such a scenario, sterling could fall by up to 10 per cent, with there being no clear level at which the Pound would find support. Meanwhile, a motion of no confidence, if successful, could lead to a general election thus prolonging the uncertainty and providing a headwind to any Sterling appreciation.

“Perhaps the best-case scenario for the pound, barring the deal passing in parliament, would be a delay to the article 50 process.

“This decision would have to be agreed by the EU, however, they are likely to do so, with the pound set to appreciate due to the removal of the pressure of hitting the 29th March deadline for exiting the EU.”

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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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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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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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