MAG owns and operates East Midlands, London Stansted and Manchester Airports. CEO Charlie Cornish has made the following statement: “Over the next few days we will be consulting with our colleagues and unions and introducing measures to reduce our costs and preserve the group’s resources at this critical time. These will include enforced annual leave, reduced working hours, temporary pay cuts and temporary lay-offs. Our executive team is taking a pay cut with immediate effect and we have frozen recruitment and paused capital expenditure.

“These are difficult decisions for MAG and they have not been taken lightly. We recognise the impact they will have on our people and we will be consulting with our colleagues. Our aim will always be to protect jobs wherever possible, and we need to take these steps now to ensure the company’s future.”