The deal will see Jet2 gain 36 new Airbus A321s on firm order, with options to extend this to a total of 60. The A321s are not the Long Range type used to fly transatlantic.

Jet2 has traditionally been an all-Boeing operator, but has swung towards its rival after leasing an A321, which offers 232 seats compared to Boeing’s 737s, which have 189.

The airline said the order was “to meet the future anticipated growth of its leisure travel business and to refresh the existing aircraft fleet”.

Deliveries will take place from 2023 to 2028, with the firm order’s list price totalling $4.9 billion. Jet2 said it had negotiated “significant discounts” from this figure.

Jet2.com executive chairman Philip Meeson told investors he would receive “six or seven” new aircraft a year and that he expected a 16% fuel saving from the A321 compared to the 737.

“Our hope is we will have demand to require all 60,” he said.