Coronavirus: Airlines among businesses given Bank of England bailouts

Airlines, transport and travel companies and car manufacturers are among the largest recipients of emergency funding under a Bank of England scheme that reveals the scale of the financial damage caused by coronavirus in the UK.

British Airways, easyjet, Ryanair and Wizz Air have all received hundreds of millions of pounds from the Bank’s Coronavirus Corporate Financing Facility, which issues debt in the form of commercial paper, a short-term facility repayable at rates of between 0.2 and 0.6%.

Ryanair and easyjet have both received £600m while BA and Wizz got £300m, according to figures published by the Bank this afternoon.

All four airlines have announced plans to make thousands of redundancies as a result of the COVID-19 outbreak.

Carmaker Nissan has accessed £600m and Toyota £365m.

Intercontinental Hotels has received £600m while FirstGroup, which operates trains and buses took £300m, the same figure as Stagecoach.

Other recipients of funds under the CCFF include Tottenham Hotspur’s stadium company, which received £175m; John Lewis (£300m), Marks & Spencer (£260m); Greggs (£150m) and the National Trust (£30m).

The largest single recipient was chemicals company BASF which has taken the maximum £1bn offered by the Bank.

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