Posts Tagged ‘credit crunch’
London City Airport Faces Uncertainty
Approach and Landing at London City Airport
As the recession deepens and the credit crunch continues to bite income and profits in the UKs financial services sector continues to fall. Profitability in the sector is going downhill fast with approximately 55% of city firms reporting a fall.
The CBI have said that there is a ‘clear sign that tightened credit markets are hitting the wider economy’ as the amount of business conducted with manufacturers, retailers and other commercial firms also shrank at a record rate, job losses increased and investment plans were cut.
The economic downturn is, of course, adversely affecting businesses like London City Airport. The airport has experienced record passenger figures during 2008 with 3.3 million passengers passing using the terminal. This represented a massive 12% increase on the figures for 2007. But this continued growth is not likely to be reflected in the figures for 2009.
The increase in passenger figures at London City Airport was brougt about by a number of major airport developments that took place during 2008. In October the airport received approval to increase the flight movements from 80,000 to 120,000 per year.
The airport recently announced that, from autumn 2009, they will be offering their first long haul flights, with British Airways, to New York. Passengers will be able to speedily deal with customs and immigration checks while on stopover at Ireland’s Shannon airport. Shannon will be the first European airport to be granted pre-clearance facilities for transatlantic flights to North America.
But even with the addition of new services like this and new routes the airport is remaining cautious about the prospects for 2009. By the end of the year the airport will host no less than nine airlines servicing 33 destinations in the UK and Europe and with the 2012 Olympic games just around the corner they are poised for great success. But this is very much dependent upon stability returning to the financial services industry.
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