But it still isn’t £2 Billion in state aid as alluded to above. It’s a loan. The state “aid” amounts to the government guarantee, the value of which will be the delta between the actual interest rate charged and what BA would have secured on a commercial loan. I would expect in actual fact that the government will make a profit on the loan over its lifetime.
This is very different to state aid to the likes of Lufthansa and AirFrance/KLM where the government ends up owning a chunk of the company.