If they do think WFH is affecting business travel - and this will have been since Covid -, a loyalty scheme that rewards "expense no object" business travel isn't the obvious move you would make. So either they don't think this or it's an excuse for a softening performance. And leisure is going to be squeezed in the UK at least by the general fiscal chaos and taxation uncertainty, though one ways to Dubai may be quite a lucrative market (I wouldn't personally be surprised if there was a nasty budget surprise on taxation of flying since it hits net zero objectives as well as landing on the "broadest shoulders" if it's targetting premium cabins). So it's difficult to see any immediate uptick.

Just skimming the results, big growth in staffing costs, down from the half year slightly, overall revenue increase in fares looks good except there are fare increases and a 1% reduction in load factor, so things aren't exactly rosy. And IAG loyalty isn't growing very fast, but they've factored in a hit on VAT on Avios issuance, so underlying progress is there.I don't see how they can square the objective of making Avios into a pseudo currency and at the same time avoiding VAT because redemptions are zero rated, but I'm sure that argument will rage for a while yet. It's not clear what's being done for partnerships in the loyalty arena, and these are fundamental to the success of the BAC and IAG Loyalty spinoff. They seem to be targetting better customer experience for BAH bookings. It's not very coherent as we get to the anniversary of the changes which would as I recall offer us all new and exciting ways to earn status.