Cost of flights to soar to record high as aircraft supply crisis leaves planes grounded, experts warn

Airfares are set to hit record highs next year and there will be a surge in flight cancellations as a result of critical shortages of plane engines and spare aviation parts, insiders fear.

British Airways and Virgin Atlantic are among carriers who have already been forced to ground planes and postpone entire routes as a result of a shortage of Rolls-Royce Trent 1000 engines.