In addition, British hotels reported the market for business travellers fell three per cent last year.
Caroline Strachan, immediate past chair at the Institute of Travel and Meetings (ITM), warned cutting costs on travel may not be the way forward.
She feared companies could continue to cut employees' travel budgets - while still lavishing them with luxury in the office - and warned that this was a "mismatch".
Cheap electricity suppliers could help firms cut costs elsewhere, allowing them to maintain their travel budgets.
Ms Strachan said: "If you look after them with a beautiful walnut desk with the most amazing leather chair, don't stick them in economy when they travel and in a budget hotel - the two things just don't match."
As Eurostar and British Airways look to provide new, budget-friendly business options, compromising on quality travel may no longer be viable. Instead, companies could begin to find cheap electricity to help them with their budget cuts.
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