Travel from the UK in 2016 is forecast to cost 0.8% more according to a report compiled by the Global Business Travel Association and Carlson Wagonlit Travel. While this is a slowdown from this year?s forecast of 1%, it still means businesses will have to factor the figures into their travel budget for the year.
To put the forecast into perspective, if a business books 3,000 flights a year they face an average ?6 more per flight, which works out at ?18,000 extra spend on travel that will need to be factored into budgets.
Prices are fluctuating around the world, but the UK is set to be the most expensive to fly out of. As a result, the country has the potential to become a business hub for international companies, as it will be cheaper to fly colleagues from other countries. Hotel prices in the UK are set for a minimal increase thanks to the country?s investment in guest rooms for international events over the last three years.
Looking further afield, Canadians will see a 5% decrease in flight prices thanks to a boom in the oil industry, while hotel rates in France, Belgium and Spain will see a marginal dip and Peru?s prices are down 2.3%.
The research identifies six global hotspots ? India, China, Colombia, Mexico, Singapore and Australia ? where increased business travel demand is driving significant air price increases.
Read the full report at bit.ly/1fl53qq