BA chairman Martin Broughton yesterday labelled the world's airline industry as "crazy" and lambasted governments for keeping ailing carriers afloat.

He said the industry was forecast to lose $5.5bn (£3.14bn) this year, bringing the cumulative loss to more than $40bn since the turn of the century.

Yet in the United States, the government "continues to prop up the walking dead" through the use of the chapter 11 bankruptcy procedures, while the European commission "approves what looks to us like more state aid for Alitalia", Mr Broughton told shareholders at the annual meeting.

The industry had to shoulder blame for its situation. Earlier this year Europe's 60th no-frills airline had taken to the skies, Mr Broughton said. "That there is room for several no-frills airlines is self-evident. But 60?"

Mr Broughton's greatest ire was reserved for the way in which new route rights were negotiated at government to government level and which could only be operated by nationally owned carriers.

"In an industry crying out for consolidation, any Wall Street investment banker dreaming up a poison pill as effective as the bilateral system would be in court at best and in jail more likely.

"Against this crazy background though, British Airways has performed very well." (Guardian)

I think he has a point!