Virgin Atlantic ask for 7,500,000,000 payout from Government

The bosses of Virgin Atlantic are understood to be writing a letter to the Prime Minister asking for a £7.5 billion package to help the airline industry cope with the fallout of the coronavirus pandemic.

Profits have plunged for a number of firms as travel bans are put in place across the globe and more-and-more people stay indoors as a precaution.

Virgin Atlantic chairman Peter Norris will write to Boris Johnson on Monday warning the industry is in dire need of a huge bailout to survive.

The letter, also signed by the company’s chief executive Shai Weiss, is expected to ask the Government for a credit facility for leading airlines to tide them over during the global pandemic.

Mr Norris says the rescue package including cash advances and other measures is estimated to be worth between £5 billion and £7.5 billion would be paid back once firms have returned to normality

A source close to Virgin Atlantic, founded by Sir Richard Branson in 1984, said Mr Norris will ask the PM to lengthen the amount of time planes can stay grounded before losing those spaces.