Thousands of jobs are to be created in the UK after the Government pledged to loan plane-maker Airbus £340m. The move is to make sure its new A350 XWB passenger aircraft is built in Britain.
It will create 1,200 jobs at the firm's plants in Filton, Bristol and Broughton in North Wales, said Business Secretary Lord Mandelson.
The support will also mean an extra 5,000 jobs across the supply chain in the UK , Sky News reports.
Meanwhile, the British, French, German and Spanish government have traditionally supported new Airbus jet programs via repayable launch funding - with the amount of work allocated to each in return dependent on their contribution , The Canadian Press reports.
However, t he French and German governments committed themselves to investing €2.5 billion in the A350 at a meeting of ministers at the Paris Air Show in June.
Airbus employs about 11,000 people in the UK at its Filton and Broughton plants , Times Online reports.