Heathrow: Britain’s trade falling behind Europe
Heathrow is critical of travel restrictions
The UK is losing cargo and tourism income as European competitors seize advantage of less restrictive travel, according to Britain’s biggest airport.
Cargo volume at Heathrow remains 18% down on pre-pandemic levels, while Frankfurt and Schiphol are up by 9%.
“Britain is losing out on tourism income and trade with key economic partners like the EU and US because Ministers continue to restrict travel for passengers fully vaccinated outside the UK,” said Heathrow in its half-year statement.
Trade routes between the EU and the US have recovered to nearly 50% of pre-pandemic levels while the UK remains 92% down.
Cumulative losses have grown to £2.9 billion, but cash burn has been cut by more than 50% against the first half of 2019, with a 35% reduction in operating costs and a 77% cut in capex.