Following meetings last month between the European countries that produce Airbus jets, where it was agreed in principle to provide financing for the Airbus A350 XWB model, the UK government has announced that it has made an offer to the group, but have given no further details.
What is clear is that Germany will provide 1.1billion euros and France 1.4billion euros as reimbursable advances towards the 11billion project with the European aerospace and defence group EADS.
Spain look on track to provide an advance of 300billion euros and the UK figure is expected to be around 500billion euros. Unlike the other European participants, the UK have not offered funding as a reimbursable advance, but instead as much less risky loan to the project.
Business secretary Peter Mandelson said today;
“We’ve made an offer. We are negotiating with EADS, Airbus, and I think the offer we have made is proportionate to the work we can expect being undertaken in this country.”
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