Jet2 eligible for Covid help due to North Yorkshire MPs
ONE of the area’s largest employers is now in a position to reap the benefits of a government-guaranteed mortgage program to attempt to safe hundreds of jobs.
The Treasury has confirmed that Jet2 is now eligible for the Covid Enterprise Funding Mechanism after North Yorkshire MPs highlighted their plight.
Kevin Hollinrake, MP for Thirsk and Malton, led the intervention with Andrew Jones, MP for Harrogate and Knaresborough.
He stated he took up the airline’s case with ministers after the corporate instructed him it was in a proper evaluate course of with the federal government to use for the Covid Enterprise Funding Mechanism (CCFF) after the eligibility standards modified in October 2020.
Jet2 employs over 3,000 individuals in Yorkshire, lots of whom are in Mr Hollinrake’s constituency.
The CCFF was set as much as help the liquidity of huge firms, serving to them to bridge the disruption brought on by the coronavirus with their money stream by buying short-term debt within the type of business paper.
Mr Hollinrake referred to as on ministers to look into the Jet2 case on the grounds that the corporate was making a big contribution to the UK financial system and was in good monetary well being earlier than the pandemic.
He stated: “This is superb information for Jet2 and it’ll make a big distinction to the corporate within the coming months because it is ready to resume operations and we’re all beginning to go on trip once more.
“It is among the largest employers within the area, flying from 10 UK bases together with Leeds Bradford, Manchester and Newcastle.
“Jet2 planes have been on standby for a lot of 2020 and all of 2021 to date and the extra leeway that this liquidity brings will enable the corporate to deal with the present disruption within the trade and s ‘guarantee she will be able to bounce again to the worthwhile enterprise that she was… as we come out of isolation. ”
Treasury Minister John Glen stated: “I’m grateful to Mr. Hollinrake for bringing his considerations to my consideration. The federal government acknowledges Jet2’s contribution to the UK financial system and its actions to handle the challenges of the previous 12 months.
“We acknowledge the persevering with uncertainty the trade faces and HM Treasury continues to help the Division of Transportation’s work as the pinnacle of the International Journey Taskforce to facilitate the resumption of worldwide journey.
Jet2 Govt Chairman Philip Meeson stated: “The Group is grateful to each the Financial institution of England and HM Treasury for the CCFF, the continuing supply of the coronavirus job retention program and, thus that the accountable liquidity actions already taken by the corporate, this supplies the Group with further leeway to take care of the continuing value of disruptions in our trade, guaranteeing that we are able to proceed to help our nice enterprise all through of this tough interval.
Jet2 Holidays is the UK’s second largest tour operator providing package deal holidays to the Mediterranean, Canary Islands and Europe.