Air France-KLM is cutting capital investment in the face of the growing uncertainties in the global economy. Over the next two years, it will reduce capital spending by €1.4bn ($1.8bn) as the airline tries to prioritise saving cash over buying new aircraft.

The move means Europe’s biggest airline will postpone taking delivery of new fuel-efficient aircraft and will, instead, continue flying older, less-efficient models. It underlines the growing threat to the order books of Boeing and Airbus, the world’s duopoly makers of big jets. The Air France-KLM share price has fallen 60 per cent since the beginning of the year.