UK may ease visa procedures for business travellers as well as for tourists. Besides, since the GBP may face depreciation post Brexit, the UK may turn out to be a cheaper destination for vacationers.
Britain's parliament rejected PM Theresa May's deal to quit the European Union for a second time last week, deepening the country's worst political crisis for generations.
There is considerable uncertainty about Brexit as the Prime Minister has only 17 days before the planned departure date. Leaving without a deal is theoretically possible, however, on March 14, the UK Parliament approved a vote against leaving the EU without a Brexit deal, thus authorising the Prime Minister to seek an extension for the date of withdrawal.
This provides additional time to work out a deal, though the EU's stated position is against any renegotiation.
Whatever may be the outcome, it has also been proposed that the extension cannot stretch beyond the end of May 2019 when elections for the European Parliament are due.
Impact on India:
Historically, India has had strong ties with the UK with the current ones being both on the trade and investment front.
The UK is home to a strong South Asian community and has been an attractive center of business due to its strong legal system and contract enforcement regime.
India is one of the top investors with the UK; on account of the UK being part of the European Union. With its strong investment climate and relationship with the EU, it was considered the gateway to do business in Europe.
With Britain exiting the European Union, it is likely that many Indian companies with a base in the UK may not have the same free access to the continent they did before, which means they may face higher logistic costs via customs duty and other charges.
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