Comment: Willie is right

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It is heartening to know that Willie Walsh, the chief executive of British Airways, has a sense of propriety. He has, as we report today, turned down a bonus of £700,000 - the same as his annual salary - because he felt it would be "inappropriate in the context of the very disappointing opening of Terminal Five". He is quite correct. There would have been an uproar, and not just in the City, if he had seen fit to take a bonus, given the staggeringly poor preparedness which led to the debacle at T5 and the lost baggage and delayed flights afterwards. Some of the executives most to blame have now gone.

However, not only the new terminal damaged confidence in BA as a world-class carrier - last year the airline topped the league of major carriers in terms of lost and mislaid luggage. It is remarkable, in the circumstances, that it managed to turn in a profit of £883 million, which brought £35 million in bonuses to less prominent members of staff. There is a worrying disconnect between the performance of the company, as seen by its customers, and its figures. Mr Walsh has declared that he intends to be with the company for 10 years. That should be enough to turn round the company's fortunes.