With last week’s referendum outcome and Britain voting to leave the European Union, there is much uncertainty on what the future will look like, notes Terry Spruce. What are the thoughts of those in the UK’s Business Aviation industry...
Among those surveyed on the possible impact of Brexit to the UK Business Aviation industry were Tim Barber, SVP, Cabot Aviation (aircraft remarketing firm); Patrick Margetson-Rushmore, CEO, London Executive Aviation (charter); and a spokesperson on behalf of Tag Farnborough Airport. Following are their thoughts.
“Ultimately, I see there being little or no difference in the UK Business Aviation market in spite of the UK exiting the EU.
“I just can’t see any of our European clients saying they would not trade with UK-based operators in buying or selling business aircraft as a result of what has happened here in UK.”
“For the very short-term, the decision for Brexit will cause uncertainty and is likely to hold people back on chartering or buying business aircraft until the markets settle.
“However given the level of complexities we have in our industry and its necessity for cross-border flights, I suspect it will be years before things are ironed out. We could well see an agreement to carry on as we are, ultimately.
“Short-term exchange-rate changes are likely to work in our favour when quoting however.”
TAG Farnborough Airport Statement
“We acknowledge the result of the UK referendum on membership of the European Union. As Europe's leading Business Aviation airport and a key gateway to London, TAG Farnborough Airport will continue to focus on its customers and provide excellence in service.”
We’d love to hear what others think about what will happen to the UK’s Business Aviation market in the coming months and beyond. Feel free to comment below…