Corporate foreign exchange news

Published by Zeb BhamThe travel industry will have to respond sympathetically to the needs of international businesses if it is to witness a recovery in passenger volumes, BA and Eurostar have agreed.Speaking at a roundtable discussion chaired by the Institute of Travel and Meetings, Richard Tams, director of sales and marketing at British Airways, and Nick Mercer, commercial director at Eurostar Group, agreed that there has been a sharp downward shift in travel volumes, but demand has not disappeared."It's definitely not finished. In the past where you've had a greater proportion of the market wanting to buy premium products and flexibility, it's a smaller sector of the market but it's nevertheless very valuable," said Mr Mercer.According to figures from the Office for National Statistics, the number of business trips abroad made from the UK declined 21 per cent in the 12 months to March 2010.As the pound has fallen against major competitors, many UK businesses have made aggressive adjustments to their business travel strategies to limit their exposure to high international payment costs.For more information on international payments, visit our Smart FX site