A record summer for easyJet has given Britain's busiest airline the confidence to set a target to more than double annual profits to £1bn by 2029.

easyJet is also embarking on a multibillion-pound investment in new aircraft, reports The Times.

The airline's recovery since the end of travel restrictions 18 months ago comes as its latest filings reveal that it is 34% more expensive to fly easyJet than before the pandemic.

Prior to the formal publication of its accounts next month for the financial year to the end of September, easyJet said it would report pre-tax profit of up to £670 million for the past quarter, making it the most profitable summer season in the airline's three-decade history.

The summer boom times are offset by a heavily loss-making winter and pre-tax profits for the its financial year are set to come in at £460 million.

easyJet's record year was 2017-18s when it recorded profits of £578 million.

According to The Times, the recovery of easyJet has two sources: the relaunch of package holidays, which account for more than a quarter of annual profits, and the cranking up of fares and fees charged to passengers.