Monarch was also the largest airline ever to have ceased trading in the UK until the collapse of Thomas Cook in 2019. The causal factors of Monarch's demise were various. First, vicious competition and excess capacity on routes to southern Europe from other low-cost rivals must have played a part in this scenario. Second, travel fears resulting from terrorism in North Africa and also around Europe such as the military coup in Turkey and the 2016 Nice truck attack became the suspect reason. Third, Brexit fears caused the depreciation of the pound sterling, which increased operating costs such as fuel costs, aircraft leasing costs, and airport landing fees.