The World Travel and Tourism Council (WTTT) has warned that if Britain leaves the European Union without an agreement, approximately 308,000 UK-based jobs and 399,000 roles in the EU would be at risk.
An analysis by the International Monetary Fund (IMF) has revealed these figures as well as a 7.7 per cent decline in economic activity if the UK crashed out of the trade bloc with no deal.
President and Chief Executive of the WTTC, Gloria Guevara, said the total cost across Europe could be more than £40bn.
“Given its importance to the UK economy it is now clear that a no-deal Brexit would have a dramatic impact on one the UK’s most important economic sectors,” Ms Guevara said.
“If the IMF prediction on the wider economy is realised, there would be a total cost across Europe of over £40 billion and over 700,000 jobs, in our projections.
“Our members are already seeing an impact on their businesses and workforce.”
The home secretary, Sajid Javid, failed to reject claims that a no-deal Brexit will make the country less safe, as he admitted there would be a change in the UK’s security capabilities while appearing on the BBC’s Andrew Marr Show.
Asked whether the country would be “less safe”, Mr Javid noted that most of the mechanisms applied to the UK from 2015, but continued: “I’m absolutely certain as home secretary, this is my most important job, is to do everything I can to keep this country safe.
“I’m absolutely confident that we will continue to be one of the safest countries in the world, even in a no-deal scenario.”