Part 1: Introduction
The publication of Article 50 has ensured the fact that Britain will take 2 years to get a full exit from Europe. In this regard, one thing has become clear that the City and the Government both are committed to ensuring the fact that the UK still wants to operate as a member of a single market. Differential models such as the ‘Norway model’ and ‘Swiss Model’ have been applied for the benefits of free trade and banking through pass posting (Livingston,2018). In this regard, it is evident that the long-run impact of Brexit will definitely generate major changes in the financial operations as the regulations with the EC are getting separated. In this context, the specific concern has been maintained towards the identification of Brexit-related issues which is important to financial markets and intermediaries. In this research report, the selected tissue will be centered on the market turbulence and the sight deposit issues for the MFIs. Moreover, this report will identify two types of intermediaries that can be affected by the extent of Brexit to ensure the research approach to verify the problem generated and develop solutions in the competitive market of the UK.
Part 2: Influence of Brexit
According to the research work of Lim, (2018) majority of the financial institutes in the UK are associated with international operations. These financial services are linked with providing services to governments, corporations, and individuals throughout the world. The underlying reasons behind the achievement are concerned with the UK time zone, English Legal System, relatively benign regulatory and tax environment, good talent welcome, and maintenance of good connectivity. Considering London, it is true that it was always an international financial center before its attachment with the EU. However, the membership has helped a lot in achieving further improvement in the status (Miller, 2016). Thus, the financial sector plays a very important role in the case of the UK and EU for tax revenue and employment generation and ensures subsidiaries more than any other country under European Union. Therefore, the incident of Brexit will certainly have a large impact on the financial counterpart of the UK and EU and the financial service agencies can witness drastic changes in the operational scenario.
Change in the possible models of financial operations
The extent of Brexit can bring up a new relationship between UK-EU and it is likely to generate three possible models EEA, Non-EEA+EFTA, and third-country operation. The Brexit scenario can ensure the differential impact based on these selected models in UK and EU.
As per Ojo, (2016) considering EEA the market access will be limited to the single and passporting preserved market. In this case, UK will not experience any formal influence regarding the selection of EU regulations but will be restricted towards implementing it in action. Based on the planning consideration it can be said that the Brexit effect will be minimal and limited in nature as the UK can preserve most of the current regime features (Lim, 2018).
On the other hand, Non-EEA+EFTA is mainly concerned with the Swiss model EFTA along with the bilateral agreements. Thus, it can ensure the single market operation with bilateral agreement and UK will have no formal pressure to adopt the regulation system of the EU (Livingston, 2018). However, it can ensure the UK chooses certain rules and implement them in operation. Considering the planning aspect short-term operational implications can be experienced with the aid of contingency plans. It can be helpful to avoid disruption during the transition phase (Dhingra et al., 2016).
Figure 1:Possible models of financial operation after Brexit between UK and EU
Apart from this, the option to move to a third country can indicate the market access towards no single point and thus authorization subsidiary can be required to maintain equivalence (Alberici & Querci, 2016). In the case of regulatory matters, it can be expected that UK can be able to review the rules from EU legislation but it can make the process difficult for equivalence. As per the planning consideration, the scope of operational and strategic changes can ensure the inclusion of major decision inclusion and it can result in associated cost involvement (Wadsworth et al., 2016).
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Research Project
In the present era, businesses are focused on the effective use of technological tools in respect to improving their performance. By having a consideration of critical standards in the application of technology the issues can be resolved effectively and leads business to an impressive level of success. Travel and tourism sector has a diversified service that needs the assistance of technology. It allows managing work activities in the desired manner and ensuring that a better service is being offered to customers (Saviotti, 2018). It helps in improving the work standards so that a business entity can accomplish a competitive advantage effectively. In order to have an understanding about the influence of technology on operations of the travel and tourism sector, the present research has been conducted.
Introduction
In the present era, businesses are focused on the effective use of technological tools in respect to improving their performance. By having a consideration of critical standards in the application of technology the issues can be resolved effectively and leads business to an impressive level of success. Travel and tourism sector has a diversified service that needs the assistance of technology. It allows managing work activities in the desired manner and ensuring that a better service is being offered to customers (Saviotti, 2018). It helps in improving the work standards so that a business entity can accomplish a competitive advantage effectively. In order to have an understanding about the influence of technology on operations of the travel and tourism sector, the present research has been conducted.Task 1
1.1 Formulate and recording of possible research outline specifications
Introduction- Technology can be referred to the use of tools that helps in managing work activities more effectively to ensure key standards. Using technology the business firm can improve its performance easily because it helps in decreasing time consumption on activities. Along with this, use of social media and database management has advanced recently that also attracts the travel and tourism sector to adopt the same. In order to have a proper understanding, the Thomas Cook Plc is being referred to as an organization.Research aims and objectives
Aim- To analyse the impact of information and communication technology in travel and tourism sector practice: A study on Thomas Cook PlcObjectives
- To understand the significance of technological tools used by Thomas Cook Plc
- To determine the benefits of ICT within Thomas Cook Plc
- To identify challenges that business faces in database management
- To recommend ways through which ICT can be increased within Thomas Cook Plc
