The Majorcan Chamber of Commerce held a conference yesterday morning to outline its current concerns about the affects of Brexit, what the short to mid term future could hold and what their primary concerns are of a hard Brexit.
With the Brexit debate raging in Parliament in the UK and a number of issues still yet to be trashed out, not to mention the whole Brexit exit, businesses in Majorca, right across the board, are having to seriously consider contingency plans based on what they know and what could happen.
The primary concern is how the Pound is going to perform.
With it already fluctuating on a daily basis and moving closer to parity, companies which do business with the UK are concerned about exports.
Exports to the UK are worth nearly 60 million euros per year for Majorcan businesses and, apart from the exchange rate, there are concerns about how any changes in the customs union and the cross border transportation of goods is going to impact their business. There is also the exodus of British nationals, residents, in particular returning to the UK.
Across Spain, there has already been a 30 percent increase in inquiries from Britons living in Spain who are thinking about returning to the UK.
But, the biggest blow a collapse in the value of the Pound could have is on the tourist industry.
Majorca would suddenly become vastly more expensive than it is and play further into the hands of much cheaper destinations such as Turkey, Egypt and North Africa.
The Chamber of Commerce is also worried about whether travel visas will be introduced.
