As Brexit looms at the end of March, 700,000 tourism jobs across Europe could be lost, according to the Independent. The World Travel & Tourism Council estimated that the U.K. would lose 308,000, while 399,000 positions in other parts of Europe would be in danger.
“Our members are already seeing an impact on their businesses and workforce,” said Gloria Guevara, WTTC CEO.
The organization based its calculation on an International Monetary Fund projection that economy of the U.K. will shrink by 7.7% by 2030 in the case of a no-deal Brexit, which seems the increasingly likely outcome, according to Bloomberg.
A January report out of the U.K. Parliament highlighted some of the problems. Many people working in tourism and hospitality in the U.K. are EU nationals who would no longer have an automatic right to live and work there. The sector currently employs 3 million people and represents a more than $170 billion addition to the economy. Tourists also means air travel, and a lack of a deal could create disruption, driving people to go elsewhere.
And then there’s the impact of Brexit on people in Britain traveling to Europe on vacation, the Independent separately reported. With the negative impact on the British economy, people might have less money overall. Then there is the likely loss in value of the pound. British citizens would find a more disadvantageous exchange rate, increasing the financial pressure. FORTUNE