Commute to the UK? Ryanair to cut capacity and frequency of London routes after Brexit vote
Published 25/07/2016 | 07:36
Budget airline Ryanair will pivot away from the UK as a growth market following Britain's decision to leave the European Union.
Ryanair campaigned heavily for the UK to remain within the EU with its chief executive Michael O'Leary donning a half EU, half Union Jack, suit in the build up to the vote.
In a trading update released to shareholders this morning, the airline said it was too soon to predict the economic and political outcome from the vote, but that it would have contingency plans in place for each eventuality.
"In the meantime, we will pivot our growth away from UK airports and focus more on growing at our EU airports over the next two years.
"This winter we will cut capacity and frequency on many London Stansted routes (although no routes will close) where we are already significantly ahead of our multiyear traffic growth targets," the company said.
Ryanair said if the UK is unable to retain access to the single market or open skies, it may have implications for its three UK domestic routes. However, the company said those risks are not material and will be manageable.
Ryanair did not specify which routes would be affected by the cuts.