Sunday Times
Older than 7 days

Private sector to lead British aerospace bailout

A350 XWB Wing Assembly in Broughton UK
A350 XWB Wing Assembly in Broughton UK, © Airbus

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LONDON - Led by Airbus the British aerospace industry plans to put aside one billion pounds to bail out struggeling suppliers, the Sunday Times reported without revealing sources. The private sector initiative hopes to be matched by additional government funds to keep supply chains alive.

Trade group ADS finalized a funding scheme to help small aerospace businesses in the UK make it through the crisis. The one billion pound intitiative may include taking stakes in certain companies, the Sunday Times revealed.

Spearheaded by Airbus, ADS is looking to encourage the British government to chip in and match any private sector funds.

Several smaller aerospace suppliers face commercial headwinds in the crisis as the demand for part collapsed amid lower production rates at Airbus and other aerospace majors.
© aero.uk | Image: Airbus | 10/08/2020 08:18


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