Virgin Atlantic is set to ask the UK government for a package of commercial loans and guarantees worth hundreds of millions of pounds.

The airline will be among the first to do so, according to the Financial Times, after the government said this week it would only help the struggling aviation industry as a “last resort”.

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The coronavirus pandemic has caused severe disruption to the industry and left the majority of flights grounded.

Other airlines such as Easyjet, and regional carriers like Loganair and Eastern Airways, are considering doing the same, the report adds.

Chancellor Rishi Sunak said he expected airlines and airports to explore alternative options before asking for state aid.

Billionaire founder Richard Branson has already offered to inject $250m into the Virgin Group.

Regional airlines are expected to be the first to receive help should the government act, due to a desire to promote economic growth in regions outside of London.

France and Germany have already moved quickly to offer support to national carriers but the situation is complex in the UK, where a number of large shareholders in UK-based airlines are not from the UK.

Chief executive of British Airways parent company International Airlines Group, Willie Walsh, has said he does not intend to ask the state for aid beyond the measures offered to the wider business sector last week.

However, Virgin specialises in the long-haul sector, which is expected to be hardest hit.

The airline had just £83m available in net cash according to its latest report, and leases 75 per cent of its 46 aircraft.

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However, all carriers applying for state aid must be able to show they have done everything else possible in order to qualify, the report adds.

Current government proposals will likely see taxpayers end up with equity stakes in the airlines, which will then have the opportunity to buy back those shares at a later date.

Virgin Atlantic declined to comment.