"Michael O'Leary, the chief executive of the budget airline, hit out at Rachel Reeves, accusing the chancellor of failing to deliver on her programme of economic growth. The UK economy under the current leadership is doomed, he said. The UK badly needs growth, but the way to deliver growth is through selective tax cuts you are not going to grow the UK economy by taxing wealth or by taxing air travel."
"I hold very little faith in Rachel Reeves or the current economic strategy of the Labour government, he said, adding that reports of possible new wealth taxes were driving traffic out of London. Rich people are fleeing as they are trying to find low-fare flights to get the hell out of London before Rachel Reeves taxes their mansions, their income and inheritance."
Ryanair's chief criticized the Labour government's economic strategy, saying the UK economy is doomed and that growth requires selective tax cuts rather than taxing wealth or air travel. Airlines are bracing for a likely rise in air passenger duty at the budget, with an expected increase on 1 April that could add up to 2 to a short-haul economy fare. O'Leary warned that higher taxes could prompt carriers to shift operations from some smaller UK airports to lower-tax countries such as Sweden and Italy. Ryanair reported a 42% rise in first-half profit after tax to 2.5bn, flew 119 million passengers, and saw average fares rise 13% to 58, with prices unlikely to fall next year.
Read at www.theguardian.com
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