The Great Debate UK
Willie Walsh has no incentive to be bullish right now. He has had British Airways on cold rations since joining as chief executive-designate four years ago, and another set of tough union negotiations looms.
However, a poor set of annual results shows that — even had he wanted to — there is no disguising the pension situation: dire and getting worse.
The accounting deficit widened by 1.2 billion pounds last year. Even that picture is reckoned to be too optimistic.
Anglo-Spanish dealmaking has a chequered recent history — look no further than Ferrovial’s disastrous takeover of airports operator BAA. But this shouldn’t put British Airways and Iberia off fast tracking their planned tie-up to help stem losses.