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U.S. markets recover from steep losses
LONDON, July 28 (UPI) -- Rising air fares could lead to as many as 5 million fewer British airline passengers by 2010, industry analysts said.
Industry analysts said budget airlines in Britain carry 45 million passengers a year, but a 10 percent price hike predictably eliminates 6.5 percent of the passengers, the Times of London reported Monday.
Assuming fares increase by 20 percent by 2010, then 5 million fewer in Britain will buy tickets, the Times reported.
"Fares are clearly going up and will continue to do so for the foreseeable future," said Douglas McNeill, a transport analyst at the London stock broking firm Blue Oar.
"Everything depends on the price of oil," Martin Ferguson, a business travel correspondent with Travel Trade Gazette, told the Times.
Industry analysts Doug McVitie with Arran Aerospace, said middle-sized carrier pose the biggest bankruptcy risk.
"The largest legacy carriers will survive because of their long-haul routes and the big budgets will survive because they will still be more affordable than other short-haul operators. Everyone in the middle is in real trouble, McVitie said.
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