Moving on from flights of fancy
AS WE approached Christmas, one of the best-selling items of the season have been British airports. Seems these infrastructure funds just can’t get enough of them.
Don’t mention the green agenda, and the position of UK aviation is buoyant. Record passenger numbers at Heathrow this summer, rising profits at British Airways, Jet2 and easyJet.
A 50.01% stake in Edinburgh Airport goes for £1.3bn. The company running Aberdeen, Glasgow and Southampton airports has been sold, and London City, Birmingham and Bristol airports are said to be up for sale, with even the smaller regional airports valued at £1.5bn.
And yet in Guernsey, the retiring MD of Ports hints that an airport subsidy from the taxpayer is inevitable.
What’s the difference? These purchasers know how to unlock the potential of an airport and tap into travelling, purchasing, eating and drinking habits, and attracting new routes and new passengers. But they’ve got numbers to attract.
Their passenger numbers have bounced back since Covid, while we’re still wringing our hands and thinking of a better life five years ago.
Guernsey has options. Invest, including Emas technology and even private cash, and try to join these high-flyers; limp along as we are (a £5.6m. loss in 2023); or accept our size, population and attraction just won’t compete, and if we have the money, assess the proper level of taxpayer support to justify our whole aviation existence as an economic enabler.