Airline Debt Table for Unpaid Covid Loans

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Airlines and travel agencies are responsible for nearly three quarters of outstanding Covid emergency loans yet to be repaid to the government

Airlines and travel agencies are responsible for nearly three-quarters of outstanding Covid emergency loans yet to be repaid to the government.

Figures from the Bank of England show that travel companies and businesses that rely on overseas tourism make up nine of the 17 companies with money still on loan from a program run by the Bank and the Treasury.

The nine companies represent just under £ 2.4 billion in debt, or 70% of the total of the ongoing £ 3.4 billion of the Covid Corporate Financing Facility program.

Struggle: Bank of England figures show travel companies and businesses that rely on overseas tourism make up nine of 17 companies with money still on loan from the program

Ryanair, easyJet, Wizz Air and Jet2 still owe £ 1.4 billion under the CCFF, which was launched to help Britain’s biggest companies survive the pandemic.

Airport retailer SSP – owner of the Upper Crust and Ritazza coffee chains – owes £ 300million. Gatwick Airport has a loan of £ 275million and long-haul vacation operator Flight Center owes £ 115million.

Travel industry bosses have criticized the government’s “chaotic” traffic light rules for stifling their recovery while European airlines recover faster.

Last week, the government removed 47 countries from the red list and said the United States was on track to lift its travel ban on the UK by early November.

Jet2 said vacation bookings doubled within 24 hours of being blacklisted on Thursday. Managing Director Steve Heapy said: “Customers clearly see this as a real reopening of international travel.”

Meanwhile, the number of Atol-approved package holiday companies that can offer flights as part of their deals has fallen by 10%, from 1,133 to 1,133 last September.


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