Taylor on Travel

The squeeze on finance is feeding through to major travel suppliers. US giant Marriott became the first hotel group to warn of cancellations and delays to new properties this week, putting tens of thousands of jobs at risk. It is unlikely to be the last.

Only this summer, Marriott was complaining of a crisis in human resources as demand for hotel staff outstripped the available workforce. Now it is compelled to warn of reduced investment and cuts at its Maryland headquarters, announcing it has called on $900 million in credit to cover a cash shortfall.

The reason is a sharp fall in revenue per available room (revpar). Having reported a 5.6% increase in revpar in the second quarter of the year and 3.4% increase in the third, Marriott forecast a 3% fall in the final three months of the year and flat or falling revenues per room throughout next year.

Elsewhere, Airbus has agreed to pay French aircraft-parts manufacturer Latecoere in advance for work on the A380 superjumbo owing to a "temporary liquidity problem" at the company. In other words, Airbus is injecting cash to keep the parts-maker going. According to an unnamed source: "Nobody can afford to see Latecoere in difficulty." Production of the A380 is already way behind schedule.

Back in the US, Virgin Group is ready to inject an unspecified sum into US domestic carrier Virgin America, which began flying last year and in which the group holds a 25% stake. Virgin America has already sought an additional $100 million this year.

In the circumstances, those hoping the UK can escape the worst of the economic showdown might want to consider the following. While US politicians have fought over a $700 billion bail out of the banking system - about £390 billion at the current exchange rate - the UK government and Bank of England have so far spent £350 billion if you total the injections of liquidity and nationalisations of Northern Rock and Bradford and Bingley.

This is the estimate of The Guardian economic expert Will Hutton, not me - and the Treasury is reportedly working on plans for an even bigger rescue.

Given the relative sizes of the US and UK economies, the proportion of gross domestic product these sums represent and the likely impact on public spending and taxation, which economy faces the bigger hit do you think?