A survey by KDS noted that businesses were making severe cutbacks on their air travel, especially during the peak summer months. This has caused business deals between the UK and the US in particular to suffer as UK businesses are reluctant to pay for travel to the US because of the expense.

Businesses have reportedly been cutting back on their flights even when they do travel, with business class travel and first class travel being dropped in favour of cheap flights from budget airlines such as Ryan Air and easyJet.

In addition to air travel, hotels have suffered as businesses are cutting back their hotel stays, and opting for the cheapest locations when they do have to stay overnight.

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