Last night the Association of British Travel Agents hailed the price cuts as 'tremendous news' for holidaymakers.

Discounts are the biggest attraction with two out of three holidaymakers likely to book early, says a survey by the Association of British Travel Agents.

Hundreds of customers could lose their bookings because the company was not a member of the Association of British Travel Agents.

"It's part of our culture," said Sean Tipton, a spokesman for the Association of British Travel Agents.

Imagination Air Travel isn't a member of the Association of British Travel Agents.

An spokesman for the Association of British Travel Agents said: 'Any monies paid out will be protected by us.'

The Association of British Travel Agents said that between 5,000 and 10,000 British holidaymakers were likely to be in New York at the moment.

The island is popular with holiday-makers, and a spokeswoman for the Association of British Travel Agents said members were monitoring the situation.

Holidaymakers should book through member companies of the Association of British Travel Agents.

Due to difficulties in acquiring membership of the Association of British Travel Agents, the company were unable to sell any cruises.