August 24, 2019, 22:01


EasyJet Lashes Out at Brexit, Blames Market Chaos Amid Likely No-Deal Scenario

EasyJet Lashes Out at Brexit, Blames Market Chaos Amid Likely No-Deal Scenario

The company would lose roughly €320m in profits for the first half of 2019, with revenues per seat expected to shrink by 7.4 percent, easyJet said in a statement on Monday.

UK low-cost airliner easyJet has blamed Brexit for a sharp decline in ticket sales and prices, the firm said on Monday. 

Budget liners WOW airlines, Flybe and Ryanair have voiced similar concerns that Brexit has impacted business, in addition to overbooked flights and rising fuel costs. 

EasyJet CEO Johan Lundgren said: “For the second half, we are seeing softness in both the UK and Europe, which we believe comes from macroeconomic uncertainty and many unanswered questions surrounding Brexit.  

WOW Air also announced last week that it was stopping operations and cancelling flights after rescue talks with its competitor IcelandAir fell through in late March.  

READ MORE: Icelandic WOW Airlines Nixes Flights to Gatwick, Sparking Fears of Collapse

German tech giant Siemens also fired a warning at the UK on Monday, stating that the UK has become a “laughing stock” in international markets. 

Jurgen Maier, CEO of Siemens UK said “Where the UK used to be a beacon for stability, we are now becoming a laughing stock,” Siemens UK CEO Juergen Maier wrote in an open letter to lawmakers.  

“Enough is enough. We are all running out of patience,” Mr. Maier added. “Make a decision and unite around a customs union compromise that delivers economic security and stability.” 

A British Chamber of Commerce in Germany poll last week concluded that 47 percent of businesses surveyed were unprepared for Brexit. BCCG president Michael Schmidt later stated that “Our motto, ‘stay cool, calm and collected’ is being sorely tested at the moment.” 

But others were not skeptical of EasyJet’s accusations as there has been a slowdown across the Eurozone.

The recession, the fastest-growing since 2013, has mired the European Union in shrinking orders and production cuts, with Germany leading the downturn.

READ MORE: 3 Major US Airlines Experience System-Wide Computer Outages — Reports

“The overall downturn was led by Germany, where operating conditions deteriorated to the greatest degree in over six-and-a- half years,” IHS Markit said in a report published on Monday. “Italy fared little better, with its PMI at a near six-year low.” 

The slump has pulled the overall Eurozone manufacturing productivity down to 47.5, with readings below 50 indicating that the sector has fallen and reinforcing fears that European markets have been impacted by slowdowns in the global economy, including the US-China trade war, IHS Markit said. 

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