"The 10% fall in passenger numbers going through Heathrow, Gatwick and Stansted during the first three months of this year is one of those numbers - like the halving of Japanese exports - that shouts about the depth of the recession.

That sort of plunge in numbers flying has happened before for BAA. There was a 9.9% drop in passenger traffic during the three months that followed the September 11 terrorist outrages.

But the plunge in 2001 was fairly short-lived. By contrast, this year's fall follows a 7.1% dip in passengers for the previous three months.

That said, BAA hopes - and believes - that it's over the worst."

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