British government: Monarch Airlines might collapse but that's their problem
"We were aware that there was a risk of this happening," Hammond told BBC radio.
"It's never pretty when these things happen... I am afraid it is not a question of government stepping in, this is an airline that had made certain decisions about its business model and how it wanted to position itself in the market and those decisions didn't pay off obviously."
"The industry will restructure, that capacity will be absorbed and the competitive market will continue to operate." ■