Excerpt from Business Travel iQ
PwC says uncertainty over the UK's exit from the European Union will keep a cap on hotel ratesProtracted negotiations around Brexit are not helping business travel to the UK, according to PwC.
In this week's UK Hotels forecast, the company said that this was feeding through into its rate forecasts for the year ahead. The company expects achieved daily rates (ADRs) in London to rise by 0.8% to £150 in London and by 1.2% to £73 in the provinces.
PwC's senior economic adviser Dr Andrew Sentance says that since the Brexit vote, the UK has dropped down the growth league. "Business travel to the UK is less buoyant and this may reflect Brexit uncertainty," he said. "Some aspects of Brexit deal will not be resolved for many years."
Liz Hall, head of research for Hospitality & Leisure at the company, says that international business travel visits to the UK fell by 4% to 8.8 million in 2017.
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