the Guild of Travel Management Companies reported a 7 percent year-over-year increase in total first quarter 2008 transactions

Members of . Air and car transactions dropped 1 percent and 5 percent, respectively, while hotel and rail transaction jumped 22 percent and 16 percent, respectively. GTMC cited the unusually early Easter holiday for the disparity. Claiming to account for 80 percent of all U.K. business travel spending, GTMC also suggested there had been "less overseas business travel in the reporting period and more domestic business travel," given fewer requests for travel insurance and passport and visa services. "We do suspect that the U.K. economy, and business travel in particular, will enter a period of reduced growth from here on in but stories of stagnation or recession may be unfounded," according to a statement by GTMC chief executive Philip Carlisle.