Mergers are not new, of course, but consumer and economic trends have accelerated those in the airline industry in recent years.

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While economic data has not accelerated to the point of a meaningful recovery over the course of the past two years, corporate earnings have repeatedly surpassed expectations.

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And of course it is trebly true of the cut in the top rate of income tax, the accelerated reductions in corporation tax and the reform of taxation for multinationals based here (the controlled foreign company rules).

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