The rise and fall of an airline pioneer

Book review: Laker Sir Freddie Laker is best known for his bargain-basement transatlantic flights, but the career that led up to his launch of these is almost as interesting.

Dr Matthew Partridge
By
published
in Features

936_MW_P43_Laker

The GloryYears of Sir Freddie Laker

Recursive Publishing (£20)

Today we take the idea of cheap air travel to any destination we like for granted. But up until the end of the 1970s, flying was extremely expensive due to a combination of price regulation, lack of competition, and direct government ownership of airlines. Many factors led to the demise of this cosy club, butthe most visible of them was Sir Freddie Laker, the controversial entrepreneur who was the first to challenge the big airlines.This book charts his rise and fall.

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Laker is best known for his bargain-basement transatlantic flights, but the career that led up to his launch of these is almost as interesting. He made his first fortune by taking advantage of the demand for freighter aircraft during the Berlin Airlift of World War II, for example. He then enhanced that fortune by turning unwanted planes into scrap metal that could be used to meet the growing post-war demand for consumer goods. He founded Laker Airlines in 1966, and then embarked on a six-year battle to be allowed to operate between London and New York. The book serves as a history of post-war aviation as well as being a strong and engaging biography.

The book presents a generally sympathetic portrait of Sir Freddie, but it doesn't shy away from pointing out his flaws too. Laker's first wife, Joan, (who owned a stake in Laker Airways) played an important role in reining in his wildest schemes, for example, and if the two had remained married he might not have overextended the company and plunged it into bankruptcy.

Dr Matthew Partridge
Dr Matthew Partridge
Shares editor, MoneyWeek

Matthew graduated from the University of Durham in 2004; he then gained an MSc, followed by a PhD at the London School of Economics.

He has previously written for a wide range of publications, including the Guardian and the Economist, and also helped to run a newsletter on terrorism. He has spent time at Lehman Brothers, Citigroup and the consultancy Lombard Street Research.

Matthew is the author of Superinvestors: Lessons from the greatest investors in history, published by Harriman House, which has been translated into several languages. His second book, Investing Explained: The Accessible Guide to Building an Investment Portfolio, is published by Kogan Page.

As senior writer, he writes the shares and politics & economics pages, as well as weekly Blowing It and Great Frauds in History columns He also writes a fortnightly reviews page and trading tips, as well as regular cover stories and multi-page investment focus features.

Follow Matthew on Twitter: @DrMatthewPartri

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