Air transactions handled by members of the U.K.'s Guild of Travel Management Companies grew 8 percent between July and September compared with the year-earlier period.

It was the second consecutive quarter of notable growth, following an increase of 4 percent in the previous quarter. For the first quarter of 2013, GTMC had reported a 3 percent reduction in air transactions. Hotel bookings in the third quarter jumped up 17 percent, with rail transactions and car hire up 16 percent and 13 percent, respectively. "Business travel has long been a bellwether of economic and business confidence and our quarterly review shows clearly that the tide has started to turn," according to GTMC chief executive Paul Wait. Meanwhile, International Air Transport Association Billing and Settlement Plan figures released by GTMC showed the average transaction value of flights booked by members on IATA airlines in October increased 1.13 percent in October. Year to date, the average 2013 transaction value is up 0.47 percent.