After the failure of Monarch Airlines, TTG meets the man tasked with saving taxpayers and the government from similar predicaments in future. James Chapple reports.
Half of us will travel by air this year – whether it’s a domestic flight-only journey or an all-inclusive package to the Costas.
British airports manage more than three million air traffic movements every year, and the UK accounts for roughly 25% of the European aviation market: the third largest in the world.
More than 350 airlines serve the UK, but just 17 of those account for 80% of the UK market. A year ago, Monarch was one of those airlines.
“One of our key messages is the risk of one of these airlines becoming insolvent over the next 15 years is quite high,” says Peter Bucks, chairman of the Airline Insolvency Review - set up following the collapse of Monarch last October.
“And that probability is expected to grow over time – significantly,” he adds, peering purposefully over his spectacles at me.