The HBAA’s take on Brexit two months in
As we know, Great Britain voted to Brexit on the 23rd June 2016. From speaking with four of our meetings and events HBAA members and looking at their terms and conditions, had we cancelled an event on D-Day; this would have resulted in between 50% and 75% cancellation charges applied. However has the market driven such behaviours following the majority vote? Overall and from the members we have spoken to the answer is No. Which surely is re-assuring…?
We considered whether we would see a panic and serge in cancellations due to the uncertainty, that maybe venues would start dropping rates further to encourage more business and race for space would be at a premium. However, this is not the case and the picture currently in the landscape is looking one of calm.
Challenges we may face
A considered challenge we are seeing is against our future workforce and the potential impact on European employees to our industry. How is this decision going to affect us in terms of legislation of employees being able to continue servicing us? With the feeling of uncertainty in our country in being able to provide stability, access and long term employment will they literally be downing their tools and heading back to their native countries?
We’ve have seen decline in London on rates, however this could be considered an impact from other macro environment such as closure of venues to become apartments, threat of terrorism, and the recent increase of European attacks; the US presidency and therefore our friends from over the pond are staying more local whilst this campaign runs and determines the next president.”
The decision that our country made was less than two months ago and therefore the full extent of the impact to our industry maybe too soon to call.
What it means to the HBAA
One thing is for sure; that the HBAA continues to provide our members with the business tool kit to drive better business collectively from the Code of Practice. It ensures that all parties (agency, venue and customers) embrace a way of working that delivers business guidance and unites us in the desire to keep focused on servicing customer needs and retaining them within the HBAA network. Over the next few weeks the HBAA will be conducting surveys to our members to understand their business impacts, pace and future plans.