British holidaymakers stand to reap the benefits of the financial meltdown, it has been claimed, as major airlines slash fares in a bid to fill empty planes.
The International Air Transport Association (IATA) said that the worldwide decline in passenger numbers has prompted a dramatic surge in cheap flight promotions.
UK-based travellers are apparently among the main beneficiaries, with transatlantic economy fares being cut by an average of 34 per cent in March.
The price of flights to continental Europe has also been slashed, falling by approximately 30 per cent over the same three-month period.
“We have seen some of the biggest falls in average fares on the UK international markets,” Brian Pearce, the IATA’s chief economist, is quoted as saying in The Guardian. “Air travel is clearly going to be a lot cheaper for passengers coming out of the UK.”
He acknowledged that the peak summer period will see a reduction in the pace of price squeezes, but predicted that there is no end in sight.
