Transatlantic business class fares have fallen as a consequence of the introduction of the EU-US Open Skies treaty, a new survey by American Express shows.
The credit card firm said that average premium fares on the staple London to New York Newark route have fallen by 25 per cent in the second quarter of this year.
A similar fall has been witnessed on London to New York JFK flights, while connections to Los Angeles and Seattle are down by an average of nine per cent.
The Open Skies treaty came in to effect this spring, opening up key hubs such as Heathrow Airport to greater competition by allowing more carriers to purchase transatlantic slots.
Previously just four airlines had been permitted to operate north American routes out of the world’s busiest international airport.
Analysts say the positive impact of the treaty comes in sharp contrast to wider difficulties in the industry, with the vast majority of airfares being driven up in recent months.
According to Amex, economy fares on services to Latin America and the Caribbean rose by 29 per cent in the first quarter.
