The late Sir Adam Thomson

Founder of British Caledonian, the airline British Airways bought shortly after its privatisation in 1987 – may not have known at the time, but he was a bit of a prophet. “A recession,” he once explained, “is when you have to tighten your belt. Depression is when you have no belt to tighten. When you’ve […]


Founder of British Caledonian, the airline British Airways bought shortly after its privatisation in 1987 – may not have known at the time, but he was a bit of a prophet.

“A recession,” he once explained, “is when you have to tighten your belt. Depression is when you have no belt to tighten. When you’ve lost your trousers – you’re in the airline business.”