The Government is already looking at the possibility to take the flag back.
WW attitude the other day certainly did not help IAG in reassuring the UK Gov & tax payers.
"In the case of BA, it is easier than you might imagine for the Government to take control. Whilst British Airways is part of Spanish-run IAG, the legal structure makes such a deal fairly easy. At present, you have a company called British Airways plc which controls the airline. British Airways plc continues to publish its own accounts –
the 2019 set can be downloaded here.
There are 2.1 million shares of British Airways plc in issue, all – or at least the majority – of which are owned by IAG. However, it would be very easy for British Airways plc to issue new shares for cash which were acquired by HM Government. Once the Government shareholding in British Airways plc went over 50.1% the Government would have a controlling stake although IAG would remain a minority shareholder.
It is important to note that
there is no benefit in the Government buying a minority stake in British Airways plc because the shares are not liquid. IAG would still control the business and there would be no guarantee that the Government could sell its shares at a later date. It needs to be 50.1%+ or nothing"
With the present IAG & BA management a min of 50.1% stake owned by the UK government would be the best move. It would save jobs, protect T&Cs and generate huge profits once the crisis is over, excellent for both the UK economy and public funds.
Tactical move before Brexit completion by end of Dec. IAG is a Spanish entity hence Gov has got not choice.
In a way WW & IAG have done the UK Government a huge favour by giving sufficient ammunition to speed up the return of the national carrier under British Management.