Air Southwest is pulling out of its daily Newquay to London Gatwick route.
The airline had operated four daily flights to Gatwick, but will cease the service out of both Newquay and Plymouth airports from February 1.
The news leaves Flybe as the only carrier linking Cornwall with the capital all year round. Ryanair pulled out in 2009, while Air Southwest dropped its twice-daily flight to London City last year.
Fears that businessmen will be unable to fly to London and back in a day and still carry out a full day’s business have been allayed, however. Previously the last Flybe flight back from Gatwick departed at 16.35, but from February 1, Flybe’s last link will leave at 20.10 (Tues-Sun).
Stephen Gilbert, MP for St Austell & Newquay, said: “Recent years have seen Newquay Airport go from strength to strength and Air Southwest has played a key role in driving that process.
“There’s no doubt this announcement will come as a blow to Cornwall’s economy and tourist industry especially as we are entering the spring and summer and in light of the business investment which is happening right now across Cornwall.
“I hope that all the people involved will work together over the coming weeks and months to ensure that this vital link is not lost for good and that other airlines will be able to step in and fill any gaps left by Air Southwest’s departure.”
Air Southwest said the rest of its schedule remains unaffected.