Singapore - The decision has sent stock markets crashing, and the Pound sterling has eroded more than 10 per cent of its value.
Published: Fri 24 Jun 2016, 12:47 PM
Updated: Fri 24 Jun 2016, 5:35 PM
Britain has voted to leave the European Union to take greater control of its economy and its borders, shattering the stability of the continental unity forged after World War II.
The decision launches what will be years of negotiations over trade, business and political links with the EU, which will shrink to a 27-nation bloc.
The decision has already sent stock markets crashing, and the Pound sterling has eroded more than 10 per cent of its value.
But what does Brexit mean for travellers?
Wego.com, the leading travel search site in the Asia Pacific and Middle East, reviews the effects of the UK's separation from the European Union means for travellers.
"Regardless of whether you believe that Brexit was a positive or negative move for the UK, there will undoubtedly be repercussions for travellers in light of the decision," said Ross Veitch, CEO and co-founder of Wego.
"The UK Pound has dropped 9.8 per cent, with the value of the pound to the dollar at 1.3415 in early trading since the referendum result has become clear, which means a UK holiday is going to be cheaper for most foreign tourists than it has been for about 20 years," Veitch continued. "In-destination trip costs such as accommodation, dining, entertainment and shopping will allow significantly better value for the foreign traveller after exchanging their local currency."
"You can possibly expect to see a number of changes at arrival points at UK airports, as previously, as a member of the EU, travellers from EU countries were permitted visa free entry so the result could mean busier entry lines at customs as they queue up with other international visitors."
"The UK's airline network may also have to review regulations, which as a part of the EU secured single aviation area treaties across Europe, which may increase airfare costs for the UK's national carriers," Veitch added. "Accommodation costs however, could drop, as Britain fights to retain its large inbound visitor numbers from Europe who will no longer be able to travel freely into the country."
"As a long-serving entry hub to Europe, London may now be increasingly challenged by other key EU hub airports such as Paris, Frankfurt and Amsterdam which will offer inbound travellers easier onward movement around EU member countries. Although it will take time, it's likely the UK government will try to negotiate similar travel agreements to replicate those in place as a member of the EU," said Veitch.
"High spending Arab travellers from the Gulf nations, where London has retained its number one most popular European destination for some time, may consider selecting other destinations to take advantage of shopping and holiday opportunities. Rome is still a popular destination within Europe, and many football events drive visits to Spain and France."
"As the dust settles, there's no doubt that we'll see visible changes in the UK's travel industry, and the government will have the unenviable task of implementing independent regulations to maintain the country's position as a global tourism hub and gateway to Europe," Veitch concluded.
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