The Week: City news - BA announces record loss

British Airways has announced a record pre-tax loss of £401 million for the year ending 31 March, its largest full-year loss since privatisation in 1987.

In the previous year, it recorded a £922 million profit. The carrier's total number of passengers fell by 4.3 per cent year on year to 33.1 million, while the airline managed a minor increase in revenues from £8.76 billion to £8.99 billion. Willie Walsh, the chief executive, blamed large increases in fuel prices for the slump.