Airbus 'to unveil £3.4bn cost cuts'

European aircraft manufacturer Airbus is set to reveal cost-cutting plans to save £3.4bn (€5bn) within three years, it was reported today.

Cost overruns and delays to the company's flagship A380 superjumbo project last year have prompted the 'Power 8' savings drive, which Airbus and parent company EADS will reveal in Toulouse on Tuesday, according to The Sunday Times.