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Open immigration was a big reason the UK decided to leave the EU, but maybe the country relies on foreigners more than its people realized—there are already rising concerns in the country’s hotel industry about future employment costs.
That’s because three-quarters of the workers in London’s hospitality sector are foreign-born, and those numbers are similar throughout much of Britain. Marriott’s stock fell 6.7% after the Brexit news broke, its largest intraday fall since last August, while Starwood tumbled 5% and Hilton dropped 6.1%, Bloomberg reports.
Apart from foreign-born workers fueling the UK’s hotel industry, increased political uncertainty in the UK and the EU could lead to a slowdown in overall business investment as investors opt to ride out political upheaval. [Bloomberg]
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