Rolling coverage of the latest economic and financial news
- Latest: Ryanair cuts capacity by 20% in September and October
- UK financial wellbeing deteriorated in August
- Travel stocks falling again
- Schroders and PWC back home working
Earleir:
1.38pm BST
In another blow to the UK airline sector, the Evening Standard is reporting that easyJet will close its bases at London Stansted, Southend and Newcastle next month.
The decision comes two months after the budget airline started consultations over whether to stop flying from the three airports.
EasyJet has confirmed plans to close its base at London Stansted airport from September 1, the Standard can reveal.
The budget airline will also close its Southend and Newcastle bases, putting 670 jobs at risk. It is understood the airline discussed the plans with unions today.
Exclusive: easyJet confirms the closure of its bases at Stansted, Newcastle and Southend from September 1, with 670 jobs at risk https://t.co/uGemrbbWs7
12.47pm BST
Breaking: Budget airline Ryanair has announced it is cutting flights capacity in September and October by almost 20%, after seeing a drop in demand as new travel restrictions are imposed.
“ These capacity cuts and frequency reductions for the months of Sept & Oct are necessary given the recent weakness in forward bookings due to Covid restrictions in a number of EU countries. Any affected passengers in Sept received email notification earlier today advising them of their options. Similar communications will be issued to the small number of affected passengers in Oct later today.
Over the past 2 weeks as a number of EU countries have raised travel restrictions, forward bookings especially for business travel into Sept & Oct have been negatively affected, and it makes sense to reduce frequencies so that we tailor our capacity to demand over the next 2 months.
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