Blow for British Airways in UK

BRITISH Airways owner IAG must limit the number of UK shareholders it has after Brexit, Brussels officials have said.

IAG, which also owns Iberia, Vueling and Aer Lingus, earlier this week capped the percentage of shares which can be owned by non-European Union investors at 47.5pc to comply with the bloc’s rules about ownership.

However, the airline has excluded UK shareholders from this limit even if there is a No Deal Brexit.

An EU official said IAG had not approached the European Commission to discuss this exemption and described it as ‘ totally absurd’.

It sets the airline up for a major row with Brussels.

It could also mean ordinary British savers end up being barred from buying the stock.

Under EU rules, airlines must prove they are 50pc EU-owned to have flying rights within the bloc.