UK balks at wholesale airlines bailout, clouding global recovery efforts
The UK is balking at a full-scale bailout of its airlines, telling British carriers to seek out private-sector remedies first and making clear the uneven hurdles the global aviation industry faces in finding ways to survive the fallout of the new coronavirus outbreak. IATA said earlier Tuesday it now expects airlines to lose some US$252b in revenue this year—more than double a worst-case estimate of $113b given earlier this month. Air traffic is expected to drop 38% for the year, the trade body said. It doesn’t expect a fast recovery. In a letter to airlines and airports Tuesday, Rishi Sunak, the country’s chancellor of the exchequer said the govt is prepared to enter into negotiations with individual companies but only as “a last resort.” <br/>
https://portal.staralliance.com/cms/news/hot-topics/2020-03-25/general/uk-balks-at-wholesale-airlines-bailout-clouding-global-recovery-efforts
https://portal.staralliance.com/cms/logo.png
UK balks at wholesale airlines bailout, clouding global recovery efforts
The UK is balking at a full-scale bailout of its airlines, telling British carriers to seek out private-sector remedies first and making clear the uneven hurdles the global aviation industry faces in finding ways to survive the fallout of the new coronavirus outbreak. IATA said earlier Tuesday it now expects airlines to lose some US$252b in revenue this year—more than double a worst-case estimate of $113b given earlier this month. Air traffic is expected to drop 38% for the year, the trade body said. It doesn’t expect a fast recovery. In a letter to airlines and airports Tuesday, Rishi Sunak, the country’s chancellor of the exchequer said the govt is prepared to enter into negotiations with individual companies but only as “a last resort.” <br/>
