The forecast states that air prices will continue to increase as capacity continues to be constrained, with larger airlines scheduling international travel more intelligently and efficiently.
Hotel rates in the UK are also expected to rise, with London, Edinburgh, Leeds and Cardiff earmarked as the largest areas of growth. This is due to steady demand in these regions and new properties being built.
Caroline Strachan, vice president, global business consulting, EMEA, American Express Global Business Travel, said: "UK hotel rates continue to rise and London has been maintaining its rates after hosting a number of international events.
"However, many corporations have cut back on spending and hotels may not get the prices they are setting. Nevertheless, the economic recovery in the UK is a welcome boost to the business travel industry"
Elsewhere, European air prices are likely to remain neutral and short-haul air travel could decline following stricter travel policies being imposed by corporations.
Capacity increases outside of Europe could also see prices drop for short-haul business and long-haul economy airfares in the Middle East and Africa.
Last week, American Express Meetings & Events revealed in its Global Meetings Forecast that overall meeting spend and attendee rates in the UK will decrease in 2015, with only small increases in event types.
The Forecast also named London as the number one destination for events in Europe, beating major cities including Paris, Barcelona and Amsterdam.