Brexit could take as long as 10 years to fully implement, according to the chief executive of international travel group Tui.
Friedrich Joussen, who has been CEO of the London-listed company since 2013, said yesterday that two years was an unrealistic timeframe for everything to be completed in Britain’s departure from the EU.
Speaking to City A.M., Joussen said that the infrastructure challenges alone were not being dealt with fast enough to ensure a speedy exit.
“If you you give people a vote, you need to be able to execute the result of that vote,” he said. “The most likely outcome I think will happen is it will take much longer than two years.” He added that the process could take up to 10 years.
Major structural changes such as leaving the Customs Union should be prepared for now, he said, despite the UK government’s insistence yesterday that it would try to ensure “frictionless trade” through Brexit negotiations.
However, Joussen noted that Tui’s UK business is still growing. Bookings rose seven per cent this summer even though prices increased due to the weaker sterling.