Could Theresa May's appointment steady the industry?

AssociationGovernment
Team-work-NEW-resized.jpg

In this unprecedented period of uncertainty that has seen numerous government ministers resign, the appointment of Theresa May as PM could steady the industry, says the Meetings Industry Association (MIA).

 

After a chaotic few weeks following the UK’s vote to leave the EU, the events industry is still up in the air as to what Brexit could mean for business.

 

After Brexit-driven enquiries decline and recruitment freezes, MIA’s chief executive Jane Longhurst believes the economic outlook will not only steady, but confidence will return.

 

Following the Brexit vote, 92 per cent of MIA members said enquiries have either stood still or declined and only eight per cent have witnessed an increase.

 

More than two-thirds of respondents (68 per cent) felt there will be a slowdown in capital investment by corporates and overseas investors and have starting implementing a range of diversification and cost-savings strategies to soften the impact.

One in five (20 per cent) have ceased both project capital expenditure and stopped recruitment as part of their cost-saving measures.

Jane Longhurst, chief executive of the mia, says:

 

“We know from our own EU debate in May that the majority of the sector were voting to remain in the European Union so were shocked by the eventual outcome. Talking to our members there is currently a real sense of low confidence – particularly because no contingency plans were put in place for a leave result. Hopefully now Theresa May’s appointment will have a steadying effect and the markets will improve.

“However, as an industry I think in the short-term we will continue to experience a period of uncertainty with businesses being nervous. Yet, the exit is expected to take two years plus and we are in real danger of talking ourselves into another recession. Instead we need to be championing greater incentives for international corporations to hold meetings and conferences in the UK and wider initiatives to ensure freedom of movement and trade within the European Union remains.

“The mia is immediately increasing its range of events and business initiatives to ensure all members are best equipped to maximise business opportunities and minimise the potential impact of BREXIT.”

 

 

What do you think #eventprofs? Email abyrne@mashmedia.net with your thoughts.

 

Annie Byrne
Posted by Annie Byrne
PopularComments
Twitter Facebook Google+ LinkedIn

Related Stories

AEV publishes Size and Scale Index of Events

The Size and Scale Index of Events (SASiE) has published its latest report analysing the data collected over 2015 from the participating venues and organisers.

QEII adds £100m to economy, finds report

The QEII Centre generated £218m of gross UK expenditure in 2015/16, creating a GVA (Gross Value Added) of £100m, according to a new economic impact study.

Busiest year in a decade for self-build show

The National Homebuilding & Renovating Show is celebrating its busiest event in ten years, welcoming over 35,000 visitors.

Others on EN

Going all out

Going all out

Lee Moulson, regional head of sales at Cheltenham Racecourse and the South West region of The Jockey Club, says seeing a client’s beaming smile cannot be bettered.
In any event...

In any event...

In his regular column, David Chalmers, Cvent ’s senior marketing director – Europe, speculates on the fate of the large trade show.
Ticking all the boxes

Ticking all the boxes

Paul Edwards, operations director at deckle edge, examines the minefield that is health and safety.

Poken by GES

Most Read Stories

Fit for the 21st century

Fit for the 21st century

Andrew Harrison, ESSA director, says we should always fight to bring talent into the industry and encourage an appetite for success.
I'm a believer

I'm a believer

Sam Cande, group commercial director at Centaur Media, says no secret sales technique can compete with belief in a product.
Lourda Derry: Making the connection

Lourda Derry: Making the connection

Lourda Derry, director of Easyfairs UK addresses the science behind operations and the profile of our audiences.

Latest News

UFI and Explori sign three-year partnership

UFI and Explori sign three-year partnership

UFI, the Global Association of the Exhibition Industry, has signed a three-year research partnership deal with London based insight specialists, Explori.
Media 10 summer party gives back to the community

Media 10 summer party gives back to the community

On 30 June, local pensioners were invited to a morning of live entertainment and high tea put on by Media10, with a fundraising initiative supporting charity War Child and a rare Spitfire performance.
Major new event campus coming to Newcastle Gateshead

Major new event campus coming to Newcastle Gateshead

A new multi million pound, state-of-the-art entertainment arena, and conference and exhibition centre is set for the North East, as plans by Gateshead Council push forward.

Latest Features

Ripping up the rule book

Ripping up the rule book

Automechanika is a well-known global brand, so what happened when it launched in the UK?
On the road

On the road

Ed Vickery head of drpexhibition, discusses driveable, portable, and innovative exhibitions.
Standing out from the crowd

Standing out from the crowd

EN meets the industry’s stand designers, who are helping change the face of exhibitions around the globe.

Latest Galleries

East of England Arena and Events Centre open day

East of England Arena and Events Centre open day

Following a refurbishment, rebrand and £4.4m investment, the East of England Arena and Events centre opened to event professionals on 21 June to explains developments at the venue and provide an insight into future plans. Guests were also treated to a once in a lifetime experience in various classic cars and more unusual vehicles.
London Dungeon Lates

London Dungeon Lates

The London Dungeons has launched a unique nighttime experience with the theme of the seven deadly sins. The adults only tour includes seven themed food offerings and a range of themed drinks.
This Morning Live

This Morning Live

Tens of thousands of fans descended on the NEC on 18-21 May for This Morning Live, to see talent from ITVs award-winning daytime programme arrive in style.