Airports and airlines have been told to seek financial help from their banks and shareholders before turning to the TreasuryAirports may have to close temporarily after the government ruled out a comprehensive state bailout for the aviation industry, ministers were told today. Rishi Sunak, the chancellor, wrote to the airlines and airports this afternoon, warning that there would be no sector-wide rescue to prevent companies going out of business because of coronavirus. In a letter seen by The Times, Mr Sunak insisted that the aviation industry was “vital” to the nation’s economic recovery and to rescue Britons stuck overseas. However, he said that further taxpayer support for the sector would only be possible once they had “exhausted other options” including raising money from shareholders, investors and banks. Companies have been told to access funding already announced last week, including monthly payments of

Source: The Times March 24, 2020 17:03 UTC