Bankers take to private jets in search of deals
London City Airport recorded a 44% increase in passengers travelling by private jet last month, the biggest monthly rise in more than four years as bankers shrugged off the worst of the credit crunch.
The number of passengers that travelled by private jet through the airport last month was 1,430 compared with 989 the previous month. The change represents the biggest percentage increase in numbers since September 2004.
A spokeswoman for the airport said: “The improvement in May’s figures was largely due to passengers in the financial services sector starting to travel again to do deals after the recovery in market conditions.
About 85% of the passengers travelling by private jet through the airport work in financial services – there are few skis and rubber dinghies passing through the jet centre.”
Those who travel by private jet are not exactly fighting for space: the average number of passengers per plane last month was 1.8, meaning on average there are fewer passengers than there are people flying the plane.
The number of passengers may be a leading indicator of the overall market. Private jet use at London City Airport hit a record in May 2007, when passenger numbers reached 2,533. This was just before the FTSE 100 peaked at 6732 on June 15, 2007, before beginning a 21-month slide in which almost half its value was wiped out.
The slump in private jet use began in June last year and fell by just over half to a low of 878 passengers this January. However, there is some way to go before the good times return: despite this year’s recovery, last month’s figure was still 22% down on May last year.
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