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22 January 2008

Will the budget travel market weather the world economic down turn? The answer is probably yes.

The Fed, the US central bank, is trying to keep the US economy from slumping into recession and US and European stocks took heart from the move.

US President George W Bush has said that emergency economic measures will be passed soon.

The Fed's interest move came as a complete surprise, as it was taken a week before its rate-setting Open Market Committee meeting scheduled for 29 and 30 January.

It came after huge declines in shares across Asia and Europe on Monday, with London's benchmark FTSE 100 suffering its biggest one-day fall since the attacks of 11 September 2001

How this will affect ordinary men and women is yet to be seen, but one thing is for sure people are going to be more careful with their money, this will mean a drop in the sales of luxury item and services and a sharp increase in people using budget accommodation like cheap youth hostels and discount hotels and cheap air fares.

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