Ryan Air CEO and billionaire businessman Michael O’Leary has predicted that Brexit is going to become one of the greatest economic suicide notes in history and said that the setbacks and effects of Brexit will start to be felt immediately.
He said Ryan Air will be moving their headquarters to Europe so as to be able to operate under the E.U Open Skies agreement. Operating as a European Airline is the only way that Ryan Air will be able to survive the fall out from Brexit. British Airlines will be operating as foreign airlines in Europe will certainly face strict rules, controls, checks, slots, taxes and bureaucracy. British holiday makers will be the first to face the consequences.
Michael O’Leary said: ” Heathrow will be deserted, summer holidays cancelled and Ryan Air aircraft all moved to Europe. There is not going to be an interim agreement, there is not going to be a legal basis, we will be cancelling flights, we will be cancelling people’s holidays for summer of 2019.”
March 2019 is the deadline for Britain to exit the EU. If a deal has not been reached by then, Britain will leave without an agreement in what will be known as a hard Brexit.
“By September 2018 when the average British voter is sitting down to work out where to go on holidays, the two options he will have are to drive to Scotland or get on the ferry to Ireland,” Michael O’Leary told the European Members of parliament.
O’Leary then took on the current British government, blasting them for not having a solid plan.
“There’s nobody in the UK government who has a clue how to do a deal. They don’t even know what the hell it is they want other than they want to leave the European Union, the ECJ jurisdiction.”
He pointed out that airline jobs will be gone, tourism jobs will be gone and the revenue and taxes from the airline industry.
“This is going to be a real mess. Brexit will be one of the greatest economic suicide notes in history.”
Editor’s note: Michael O’Leary was speaking at the European parliament yesterday 11/07/2017. Willie Walsh, former CEO of British Airways and now chairman of International Airlines Group was also at the session and spoke. Should you want to read the full transcript, email us and will can acquire it and forward it to you.