Business

UK freezes Airbus export support

Airbus A350 Image copyright MARIO RUIZ

UK authorities have frozen all applications by Airbus for export credits while the company's use of overseas agents is reviewed.

The Serious Fraud Office is looking at documentation provided by Airbus about the company's use of overseas agents.

Export credits are used by many governments to support exporters, often by underwriting bank loans offered to overseas buyers of UK products.

Last year Airbus used export financing for 6% of its deliveries.

Record plane deliveries for Airbus

The main parts of Airbus commercial aircraft are made in France, Germany and the UK.

Britain usually provides export support to Airbus in partnership the other two nations.

Airbus did not provide any details about the overseas agents involved in the review.

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