The UK's oldest travel providing company, Thomas Cook, is under financial pressure to secure $368 million in funds from the British government, as banks claim that the company could fall into administration- bolstering fears that the collapse could leave 150,000 British tourists stranded overseas.
The mounting financial difficulties have been noted to be the result of fierce competition from online operators, increased jet fuel prices, the tense political climate over Brexit and customers being less inclined to travel overseas in the summer heatwave.
Foreign Secretary Dominic Raab has assured British travellers that they would not be stranded overseas in the event of Thomas Cook falling into administration- the Civil Aviation Authority establishing that they have aircraft on standby to ensure that tourists could be flown back to the UK if necessary.