Travelling to the United Kingdom just became cheaper
Advertisement
Advertisement
"Brexit has resulted in a big drop in the value of the pound and if this trend remains then we could see a surge in leisure tourism to Britain, as it will become significantly cheaper," said Sharat Dhall, president of travel portal Yatra. Anil Khandelwal, finance chief of Cox & Kings said this would aid outbound travel for the company.
"A drop in the Pound could also result in an increase in students from India choosing the UK as a destination as it will make education significantly cheaper there," said Dhall.
Britain's decision to exit from the European Union led to a fall in markets and local currency. The benchmark FTSE 100 index fell by as much as 12% while the pound suffered its worst slump in three decades according to global media reports.
Advertisement
"Our various businesses at Thomas Cook India, including the foreign exchange business remains fully hedged. The current volatility will not impact our core business in any way, however we will witness wide spreads in the currency trade for the short term and expect that the market will settle down and currencies will find their own levels. On our product strategy, we constantly review prices in line with the input cost and that will remain unchanged," said Madhavan Menon, chairman of
"Our operations in the UK in both Leisure - International and Education enjoy both revenues and costs in the same currency and hence there won't be any impact from the currency movement. Our Meininger hostel business is based in Europe and has both its revenues and its costs based in Euros. Hence, there is no material impact from the currency movements. The Euro is stronger against the rupee on a y-o-y basis anyway. Some portion of our debt is denominated in GBP; the the amount of debt will naturally reduce in rupee terms as a translational effect of the depreciation of the GBP against the rupee. So the leverage on the balance sheet will reduce," said Khandelwal of Cox & Kings.
Image credit: Indiatimes
Advertisement
Advertisement
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market