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El Al has decided to follow the LCCs with HBO (hand baggage only) fares on its main London Heathrow to Tel Aviv route.
These cheaper fares are bookable starting in April (the exact date to be confirmed) for travel on and after October 15.
The news has only been announced a few hours ago. It is unclear whether or not El Al will extend HBO fares to its other European routes or indeed will offer HBO tariffs on transatlantic services.
More details when available.