Britain Reaches Deal to Rescue Regional Airline Flybe

Regional airline Flybe was rescued on Tuesday after the British government promised to review taxation of the industry and shareholders pledged more money to prevent its collapse, Reuters reported. The agreement comes a day after the emergence of reports suggesting it needed to raise new funds to survive through its quieter winter months. After crunch talks with shareholders, Britain’s finance ministry said that it would review both air passenger duty (APD) and Britain’s regional connectivity as part of the plan. “I welcome Flybe’s confirmation that they will continue to operate as normal, safeguarding jobs in the UK and ensuring flights continue to serve communities across the whole of the UK,” finance minister Sajid Javid said in a statement. Read more