British Airways owner IAG losses during coronavirus hit £5.6bn | NatWest's £355m profit unexpected | Opinion: Simon Poole

One-off costs included a €1.6 billion (£1.45 billion) charge relating to fuel pricing bets - or hedging - since so few flights were operated, and €275 million (£249 million) relating to the 10,000 redundancies planned.

READ MORE: Scottish housebuilder Cruden to complete 1,500 new homes this year despite Covid

IAG chief executive Luis Gallego said: "These results demonstrate the negative impact of Covid-19 on our business but they're exacerbated by constantly changing government restrictions.

"This creates uncertainty for customers and makes it harder to plan our business effectively."

He went on: "We are calling on governments to adopt pre-departure testing using reliable and affordable tests with the option of post-flight testing to release people from quarantine where they are arriving from countries with high infection rates.

"This would open routes, stimulate economies and get people travelling with confidence. When we open routes, there is pent-up demand for travel."

Mr Gallego said quarantines are "not the solution" and the industry "cannot wait until the vaccine to have people flying".

Asked about plans by authorities in the UK and US to trial a travel corridor between London and New York which would reduce the quarantine requirement, Mr Gallego said: "We are trying to put pressure to open some corridors. New York for us is a key destination.

"We hope we can have a solution soon."

IAG expects it will take until at least 2023 for passenger demand to recover to 2019 levels.

The group said it has completed a €2.7 billion (£2.4 billion) capital increase which "makes IAG better placed to take advantage of a recovery in air travel demand".

Cyprus and Lithuania are the latest countries to lose their exemption from the UK's quarantine requirement.

Travellers arriving in the UK from those destinations after 4am on Sunday must self-isolate for 14 days due to a rise in coronavirus cases.

Earlier this month, Transport Secretary Grant Shapps launched a taskforce to develop methods of reducing the 14-day self-isolation period for people arriving in the UK from non-exempt locations.

The RBS owner's profit beat expectations (Image: NatWest)

Royal Bank of Scotland owner NatWest's profit outstrips expectations by over £400m

NatWest Group became the latest bank to beat gloomy expectations as it reported a profit when analysts had predicted a loss.

READ MORE: The company, which owns the Royal Bank of Scotland, said on Friday that pre-tax profit had hit £355 million in its most recent quarter, against the £75 million forecast loss.

Simon Poole of Jerba Campervans

Simon Poole: Why not look to those staff that helped your business become what it is today?

At times of true crisis, we see widely accepted norms crumble.

READ MORE: A Conservative Westminster Government has overseen the largest-ever bailout and is appearing more Keynesian by the day. All the while, key workers, especially those forming the NHS, have been heralded as our everyday heroes, after facing years at the sharp end of cuts.

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