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 curtailed.
The economic downturn is, of course, adversely affecting service providers like London City Airport. The airport experienced record passenger figures during 2008 with 3.3 million passengers passing using the airport. This represented a massive increase of 12% 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 is underpinned by a number of significant 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 also announced that it will be offering its first long haul flights, with British Airways, to New York from autumn 2009. Passengers bound for new york will conveniently be able to go through customs and immigration checks while on stopover at Irelands Shannon airport. Shannon will be the first European airport to be granted pre-clearance facilities for transatlantic flights to North America.
But even with new services like this and the addition of new routes from London City 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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