Airbus signalled a significant cut in its research and development budget yesterday, as part of emergency measures to face the “life-threatening” effects of the weak US dollar on its largely European production base.

Tom Enders, chief executive of the European aircraft maker, raised the alarm over Airbus’s future development plans in a hard-hitting speech to German unions detailing the consequences of the sharp decline in the dollar, which this week hit new lows against the euro.