British government is ready to support air industry at any cost

Aviation industry has been heavily hit by the coronavirus crisis

That fact obviously impacts aircraft manufacturers. Tens of thousands of people globally will lose their jobs – both in the aviation industry and companies connected to the sector.

The UK government is ready to support aviation sector in any way it can, said housing minister Robert Jenrick, a member of Boris Johnson’s cabinet, during the weekend. “The aviation industry is strategically important sector for our country and employs a great deal of people. We want to support it in any way we can,” Jenrick said on Saturday press conference.

British Airways has prior informed that due to flight cuts, up to 12,000 aviation workforce are jobless. Experts agree that airlines globally can’t overcome the current crisis without having to face significant harm.

U.S. airlines are facing even more layoffs than it has been expected, and the crisis impacts aircraft manufacturers as well. Boeing will have to dismiss roughly one tenth of its employees, that is around 16,000 workers around the world.

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The Trader-Magazine.com EditorialTeam is a collective of certified financial analysts, active traders, and cryptocurrency experts. Our mission is to transform complex market data (forex, equities, indices) into accessible financial education. All content undergoes rigorous, multi-level fact-checking to ensure we deliver only accurate, objective information for your trading and investment decisions.

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