Meanwhile, Ryanair is upbeat about sales, while an arrest has been made following a security alert onboard a Jet2.com flight on Wednesday evening.

Here are the key national news headlines affecting the travel industry on Friday 14 October.

Chancellor to fly home early to face budget crisis

Chancellor Kwasi Kwarteng has cut short his visit to the US for urgent talks in Downing Street, with a U-turn over the mini-Budget on the table. Prime minister Liz Truss is facing calls to change her economic plans to reassure markets and her party. Kwarteng is expected to arrive back on Friday for discussions. He had been in Washington DC for a meeting of global finance ministers. (BBC News)

Truss to U-turn on tax this weekend

Liz Truss is poised to tear up further elements of Kwasi Kwarteng’s disastrous mini-Budget, with a U-turn on corporation tax expected as early as this weekend. Discussions were understood to be taking place in 10 Downing Street on a means to avoid fresh market panic after the Bank of England withdraws its emergency bond-purchasing scheme at the end of trading on Friday. (The Independent)

Leadership challenge ‘being discussed’ by MPs

Senior Conservatives are holding talks about replacing Liz Truss with Rishi Sunak and Penny Mordaunt as part of a “coronation” by MPs. Truss and Kwasi Kwarteng, the chancellor, are expected within days to make a humiliating climbdown over corporation tax to calm markets and see off a mounting revolt. (The Times)

Ryanair predicts ticket price increase

Ryanair is predicting an increase in prices following “surprisingly strong” bookings, according to chief executive Michael O’Leary. O’Leary said that – despite recent forecasts of 3-4% growth – air fares “will rise by a mid to high single digit figure for the full year” unless alarming reports on Covid and Ukraine come out. (City AM)

Heathrow Express to offer security fast track

The Heathrow Express is offering to fast track travellers through airport security in a growing battle with the Elizabeth line for passengers. Elizabeth line trains start running direct from Canary Wharf and the West End to the airport from November 6. Fast track access will be offered to all those with a £32 first class single even if they fly economy. (The Standard)

Arrest made after Jet2 bomb hoax

Detectives have arrested a man in his 30s after a Jet2 flight from Turkey was escorted to Stansted following a bomb scare. Police sources said a call appeared to have been made to Jet2’s office in Manchester from Turkey. The investigation is being led by Greater Manchester Police. (The Daily Mail)