Volume 3, Issue 1
January 2010
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Supermarkets are in the banking business by virtue of groceries and travel operators are bankers by virtue of tourism. Both deal with vast sums of money which they extract from their customers daily and place on deposit until they are forced to pay their suppliers – sometimes months or years later – sometimes never!
Many years ago, our banks introduced budget accounts to ‘help’ us to manage our own money in a more efficient manner. In reality, through ‘personal advisors’, they took control of our funds on the pretence of being better at handling our money than we were. Recent scandals in the banking industry tend to contradict this.
Travel companies now have their own ‘budget accounts’ for which we give them all our
Many years ago, our banks introduced budget accounts to ‘help’ us to manage our own money in a more efficient manner. In reality, through ‘personal advisors’, they took control of our funds on the pretence of being better at handling our money than we were. Recent scandals in the banking industry tend to contradict this.
Travel companies now have their own ‘budget accounts’ for which we give them all our
money and they spend it as they see fit. As with the banks, the package is dressed up in such a way that it seems they are doing us a favour and, as with the banks, there are benefits for them and hidden costs for us.
The ‘budget account’ we refer to is, of course, the ‘all-inclusive’ holiday – you pays your money, but they takes your choices. Customers are persuaded that flights, transfers, accommodation, food, drink and entertainment are all taken care of in order that they part with their money in advance, many weeks before the vacation is taken. Again, the money collected is placed on deposit on the international money markets and when operators see the whites of their supplier’s eyes, they pay them. This means that if you pay an operator £1500 for an all-inclusive holiday, much of that money could be earning interest
The ‘budget account’ we refer to is, of course, the ‘all-inclusive’ holiday – you pays your money, but they takes your choices. Customers are persuaded that flights, transfers, accommodation, food, drink and entertainment are all taken care of in order that they part with their money in advance, many weeks before the vacation is taken. Again, the money collected is placed on deposit on the international money markets and when operators see the whites of their supplier’s eyes, they pay them. This means that if you pay an operator £1500 for an all-inclusive holiday, much of that money could be earning interest
YOU PAYS YOUR MONEY
for shareholders for a year or more before it is actually used for the purpose intended.
It is hardly surprising that the big push in the travel industry is towards all-inclusive vacations and, if it is allowed to continue, it won’t be long before the tour operators go the same way as the banks and the suppliers in the resorts go bust! Add to that a near monopoly situation in Europe and our freedom of choice will be gone forever.
It is hardly surprising that the big push in the travel industry is towards all-inclusive vacations and, if it is allowed to continue, it won’t be long before the tour operators go the same way as the banks and the suppliers in the resorts go bust! Add to that a near monopoly situation in Europe and our freedom of choice will be gone forever.
