British ambassador sees opportunity in Brexit uncertainty

The third presidential debate is drawing VIP guests from all over the world, including Kim Darroch, the British ambassador to the United States.

Darroch is spreading his message on the uncertainty surrounding Brexit: There is opportunity in uncertainty.

Darroch, who was appointed an ambassador to the US in 2015 and began his role in January, told the Review-Journal on Wednesday that Brexit will have a minimal impact on British tourism to Las Vegas.

“Of course, at the moment with the pound overages, it’s a little more expensive, but it will bounce back,” Darroch said, adding that Brits will “continue to come” to Las Vegas, at least in the long term.

The United Kingdom is Las Vegas’ largest market for overseas visitation and third biggest market, after Canada and Mexico, for international visitation, according to the Las Vegas Convention and Visitors Authority.

Darroch said there are, and will be additional, short-term costs associated with Brexit, as reflected in a fluctuating currency. But he said Brits are still spending and there is no evidence to suggest people are rethinking or postponing travel plans.

“It is a time of uncertainty,” he said, but in that uncertainty lies opportunity, like an uptick in exports and the promise of more nimble trade negotiations.

“It’s much easier to negotiate a trading relationship as one country than as 28,” he said, adding that it will take time to get to that point as the UK goes through the “complicated business” of negotiating its exit from the European Union. “Of course, if you’re in the business community, it prolongs the period of uncertainty, but we are going to negotiate arrangements that suit the UK and that suit the international community. I just hope the business community trusts us and bears with us while we go through this process.”

According to a survey by accounting firm KPMG, three quarters of UK CEO’s are considering moving their headquarters or some of their operations outside the UK as a result of Brexit.

British Consul General Chris O’Connor, however, said American business interests in the UK have been “reassuring.” O’Connor said American business interets have had a “calm, measured” wait-and-see approach.

Contact Nicole Raz at nraz@reviewjournal.com or 702-380-4512. Follow @JournalistNikki on Twitter.