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British airline Monarch may be about to ditch all its long-haul flights, in a bid to compete with low-cost airlines Ryanair and easyJet.

In what it has called a 'strategic review', the carrier is retiring three Boeing 757s this autumn and looking to replace its whole fleet in the next five years, after admitting passenger demand was 'flat'.

The overhaul, which will see the carrier concentrating on scheduled short-haul flights to Europe, may lead to slashing 1,000 jobs in a reduction of its workforce by a third.

Total overhaul: Monarch are conducting a 'strategic review' after admitting passenger demand was 'flat'

The company has not officially announced the cuts, but sources have revealed the plans to the BBC.

It currently operates 34 flights a week from Luton airport to nine destinations, mainly in and around the Mediterranean.Monarch

The review could mean a smaller fleet and the end of long-haul flying.

Last month, the airline confirmed a £1.75bn order for 30 new Boeing 737 aircraft to be delivered by 2020. This may mean a reduction in the size of its fleet from 42 to 30 aircraft. 

Andrew Swaffield, who took over as Monarch chief executive in July, said: 'We're on a trajectory of changing from a charter airline to a scheduled European low-cost carrier. 

All change: The airline are retiring three Boeing 757s and will have replaced its whole fleet in the next five years

'We need to operate as efficiently as a low-cost carrier,' he said in an interview with Travel Weekly.

'It's difficult to run a long-haul business with two aircraft.'

The move towards short-haul airline is expected to take place within the next year to 18 months. 

Earlier in August, Monarch announced it will stop flying from East Midlands Airport next year.

A spokesman for Monarch MailOnline Travel: 'The company has previously stated that the new management team is conducting a strategic review of the group's businesses, in relation to its operations, ownership and financing.

That review is on-going and further announcements will be made upon its conclusion or as otherwise appropriate.'