• EasyJet Cancels 1,700 Flights Amid Airspace Constraints and Air Traffic Control Issues
• United Utilities Enters Agreement With Legal & General
As the summer holidays approach, EasyJet has announced the cancellation of 1,700 flights scheduled for July, August, and September, operating to and from Gatwick Airport. The airline attributed the cancellations to restricted airspace over Europe and ongoing air traffic control difficulties, which have resulted in regular disruptions.
In response to these challenges, EasyJet made proactive adjustments to its flight schedule by consolidating a small number of flights at Gatwick Airport, where it has multiple daily frequencies. This strategic decision aims to mitigate external challenges on the day of travel for customers. EasyJet assured affected customers that they would be promptly informed, with 95% already rebooked onto alternative flights, and all customers given the option to rebook or receive a refund.
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Meanwhile, United Utilities (UU), a leading water group listed on the FTSE-100, has entered into a £1.8 billion agreement with Legal & General (L&G) to transfer a portion of its pension liabilities. This move comes as the water industry faces unprecedented scrutiny regarding its financial resilience. United Utilities, serving over seven million customers in northwest England, has opted for a pension risk transfer (PRT) deal with L&G, joining numerous other companies engaging with specialists like Aviva and Pension Insurance Corporation (PIC) to manage pension scheme payments.
Sources indicate that United Utilities is expected to officially announce the agreement with L&G on Monday afternoon. The company emphasized its strong balance sheet and highlighted the fact that its pension scheme is fully funded, reflecting its commitment to managing pension obligations effectively.
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