The British government has reached an agreement to save the airline Flybe from collapse.
The county's Business Secretary Andrea Leadsom said the deal with Flybe's shareholders will keep the company operating.
"This will be welcome news for Flybe's staff, customers and creditors and we will continue the hard work to ensure a sustainable future", she said on Twitter.
Delighted that we have reached agreement with Flybe’s shareholders to keep the company operating, ensuring that U.K. regions remain connected. This will be welcome news for Flybe’s staff, customers and creditors and we will continue the hard work to ensure a sustainable future.
— Andrea Leadsom MP (@andrealeadsom) January 14, 2020
It is understood the deal will involve some deferral of British air passenger duty for the airline.
The British Department for Transport confirmed there would be a review of regional connectivity to ensure "all nations and regions of the UK" have the domestic transport connections.
And the payment of British air passenger duty is to be reviewed, as part of preparations ahead of the budget there in March.
"These measures featured in discussions today with Europe’s largest regional airline, Flybe, which plays an important role in the UK’s connectivity by flying regional routes that other providers do not operate", a statement said.
The UK Chancellor of the Exchequer Sajid Javid said: "I welcome Flybe’s confirmation that they will continue to operate as normal, safeguarding jobs in UK and ensuring flights continue to serve communities across the whole of the UK.
"The reviews we are announcing today will help level up our economy.
"They will ensure that regional connections not only continue but flourish in the years to come – so that every nation and region can fulfil its potential."
The British carrier had been trying to secure additional financing amid mounting losses.
More than 2,000 jobs would have been placed at risk if the company collapsed.
Flybe operates about 75 aircraft and serves more than 80 airports across Ireland, Europe and the UK.
It also has routes from Dublin and Cork airports.
In Britain it has a significant presence at airports including Belfast, Birmingham, Manchester and Southampton.
Under a deal that completed last March, a consortium comprising Virgin Atlantic, Stobart Group - which owns Aer Arann - and Cyrus Capital Partners acquired Flybe's operating assets.
The consortium had pledged to pump €116m into Flybe's turnaround plan, with the airline being re-branded as Virgin Connect from later this year.
Flybe have confirmed they will continue to operate as normal.
Additional reporting: IRN
