Today Europe is dominated by cheap 'no-frills' airlines: Ryan Air, EasyJet, Transavia, Wizz Air, etc. Yet fewer and fewer remember the airline that started it all: Laker Airways. Until the 60s, flying was a luxury. So when Laker Airways began flying very basic yet cheap flights in 1966, it shook the industry. The man behind the undertaking was Frederick Laker, a British businessman keen to get his foot into the airline market. He succeeded, with prices across the Atlantic as low as £59. Other airlines, needless to say, were not amused. The big players at the time (British Ariways, Pan Am, KLM, Air France, etc.) all dropped their prices to below-cost. At a time when Laker Airways was already struggling from the financial climate, this was a death blow, and the company filed for bankruptcy in February 1982. However, the ending wasn't an unhappy one for Freddie Laker. He sued 12 airlines for price collusion and won. The settlement resulted in the airlines paying the bankruptcy costs of Laker Airways, as well £8m out of court for Freddie. To top it all off Freddie was knighted for his contributions to the airline industry. Freddie died in 2006, but not before inspiring the next generation of low-cost carriers (specifically Virgin Atlantic and easyJet) with his wisdom: "Sue the bastards".
-E
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