Britain's work from home culture is damaging our revenues, says BA owner [Yahoo! Finance]
INTL CONSL AIRLNS S/ADR (ICAGY)
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Source: Yahoo! Finance
The airline giant warned that Britain has seen a slower rebound in business travel compared to other countries, which has left BA lagging behind rivals overseas in the race to restore corporate bookings. IAG boss Luis Gallego said on Friday that he expects corporate travel to settle at around 85pc of its pre-Covid capacity, reflecting changes to working practices and the increased use of online meetings. Volumes at Spanish carrier Iberia have already reached that threshold, he said, while BA's corporate bookings are just 70pc of what they were before 2020. Specifically, Mr Gallego pointed to weaker demand from finance and pharmaceutical companies. He said: “It's different in Spain. In Spain, people came back to work before and they have less remote working.” By contrast, he said the British corporate travel market is “going to take some more time” to bounce back but is “evolving well”. Around 90pc of UK companies now offer hybrid working to employees, who spend an average
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