In the last recession Air Europe, then the largest tour operator in the UK, went bust.
In every previous business cycle the downward turn has resulted in several airlines going bust in the UK. Quite often household name ones. You either think;
1) XL Airways plus SilverJet is it, or
2) To match the seriousness of the present economic contraction history suggest there are several more airlines to go disappear yet, or
3) That its different this time
There's an argument to be had I suppose but 2) seems most likely to me. Its the unemployment curve that you need to watch and its going from 2m to 3m in short order..
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