The boss of Ryanair said that the era of ultra-low airfares is over and that the shortage of airport workers is a result of the departure of the EU.
The airline would no longer be able to offer promotional tickets for less than 10 because of the high price of oil. He said that the average fare would rise from 40 to 50 over the next five years.
Oil prices have gone up as a result of the Russian invasion of Ukraine, so I don't think there will be 10 flights any more, according to O'Leary.
I think you will not see promotional fares at the lower end of the market for the next few years.
As rising food and energy bills ate into disposable income, customers would be much more price sensitive and look for bargains before they traveled, he said.
If inflation is not brought down to 2%, people's income and people's wealth will be very badly damaged.
The Bank of England predicts that UK inflation will rise to 13.3% by October, its highest level in 30 years.
The airline boss hit out at the impact that the UK's departure from the EU was having on airlines and airports across the country, with passengers having to contend with travel chaos due to staff shortages.
Boris Johnson created the conditions that have left the UK in a labour crunch since leaving the EU.
If there was more honesty from Boris Johnson's government, they would admit that the free movement of labour in the UK has been badly affected by the decision to leave the EU.