Britain will pledge $340 million ($564.9 million) in loans to plane-maker Airbus to make sure a part of its upcoming A350 passenger jet is built in the UK.
Business minister Peter Mendelssohn said at an Airbus plant in Filton, Bristol that the support would create and sustain more than 1,200 jobs within Airbus at its sites in Filton and Broughton in North Wales, as well as over 5,000 jobs within the supply chain across Britain.
“This agreement is excellent news for the United Kingdom aerospace sector and for the thousands of British workers within Airbus and its UK-based supply chain,” he told reporters on Friday.
“Aerospace is one of UK manufacturing’s crown jewels, and manufacturing is one of the UK economy’s crown jewels.”
Airbus, which is owned by European aerospace glant EADS, has been looking for loans from European governments to help build the 11 billion euro ($15.70 billion) project in exchange for work to be shared out around the continent.
Germany would provide 1.1 billion euros and France 1.4 billion, German and French officials have said.
The system is fiercely opposed by the United States and arch rival Boeing, who say the loans are being given on favorable terms.
The A350, which has already been ordered by 30 customers, will launch next decade and is intended to compete with Boeing’s much delayed 787 Dream liner.
The Airbus plant in Filton has 4,000 employees and designs and builds wings.
It is also earmarked to build the wings for the heavily delayed A400M military transport aircraft.
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