Airlines anticipate multi-billion pound Government rescue package
Friday, 20 Mar, 2020
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A multi-billion pound rescue plan for airlines is expected to be announced by the Government soon.
British Airways’ parent IAG, Ryanair and Virgin Atlantic were among airlines to have held talks with Transport Secretary Grant Shapps to request financial support earlier this week.
City bank Rothschild has since been asked to advise the Government on a package of measures to be unveiled in the next few days, according to Sky News.
It said airlines had asked for a package of support including:
- a Government-backed credit facility to provide billions of pounds of liquidity to airlines
- a freeze on air traffic control charges
- a four-month moratorium on flight delay and cancellation compensation
- a months-long cancellation of air passenger duty once the industry resumes normal flying schedules
- help with their wage bills
- financial guarantees that would release the money retained by credit card companies concerned by airlines’ potential insolvency
Linsey McNeill
Editor Linsey McNeill has been writing about travel for more than three decades. Bylines include The Times, Telegraph, Observer, Guardian and Which? plus the South China Morning Post. She also shares insider tips on thetraveljournalist.co.uk
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