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Airlines Government Bailout

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By (user no longer on site) OP   
over a year ago

Is anyone else bemused that Virgin Atlantic are asking for state aid from the Government ?

It’s two main shareholders are Richard Branson (with a £4 billion personal fortune) and an American airline (who are the worlds 2nd biggest) that post annual profits of around £4 billion.

Surely Branson should be dipping into his own money to prop his business up. And how on earth could the UK government justify supporting a business using UK taxpayers money that is half owned by an American company ?

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By *ionelhutzMan
over a year ago

liverpool


"Is anyone else bemused that Virgin Atlantic are asking for state aid from the Government ?

It’s two main shareholders are Richard Branson (with a £4 billion personal fortune) and an American airline (who are the worlds 2nd biggest) that post annual profits of around £4 billion.

Surely Branson should be dipping into his own money to prop his business up. And how on earth could the UK government justify supporting a business using UK taxpayers money that is half owned by an American company ?

"

Easyjet got a £600m loan yesterday and paid out its shareholder £120m the other day (the chairman got £60m)

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By (user no longer on site)
over a year ago


"Is anyone else bemused that Virgin Atlantic are asking for state aid from the Government ?

It’s two main shareholders are Richard Branson (with a £4 billion personal fortune) and an American airline (who are the worlds 2nd biggest) that post annual profits of around £4 billion.

Surely Branson should be dipping into his own money to prop his business up. And how on earth could the UK government justify supporting a business using UK taxpayers money that is half owned by an American company ?

Easyjet got a £600m loan yesterday and paid out its shareholder £120m the other day (the chairman got £60m)"

This is what people voted for when they voted Tory

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By *ercuryMan
over a year ago

Grantham

[Removed by poster at 08/04/20 09:23:26]

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By *ercuryMan
over a year ago

Grantham

It's a loan. They have to pay it back, with interest.

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By *emmabTV/TS
over a year ago

Brighton

When this is all over there could well be no airline businesses at all. Air travel could well be back in government hands. There will be little or no international travel for the next 12 months.

Just a thought.

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By *bi HaiveMan
Forum Mod
over a year ago

Cheeseville, Somerset


"It's a loan. They have to pay it back, with interest. "

Yep.

But would make more sense for Branson to loan the business some money and then take it back gradually with no extra being taken.

It's what every self employed sole trader has to do.

But of course loan interest can be offset against profits to reduce tax liabilities and of course if the business goes tits up after borrowing then Branson won't be out of pocket of course.......

A

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By *ionelhutzMan
over a year ago

liverpool


"It's a loan. They have to pay it back, with interest. "

I think the issue is more to do with paying 1 man £60m

Then demanding a bailout

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By (user no longer on site) OP   
over a year ago


"It's a loan. They have to pay it back, with interest.

Yep.

But would make more sense for Branson to loan the business some money and then take it back gradually with no extra being taken.

It's what every self employed sole trader has to do.

But of course loan interest can be offset against profits to reduce tax liabilities and of course if the business goes tits up after borrowing then Branson won't be out of pocket of course.......

A"

Exactly, how can a man with so much personal wealth have the audacity to ask for help like that ? He’s already taken advantage of the furlough deal, fair enough. But how is his business more deserving of a loan than all the other businesses in the UK. I bet he doesn’t offer a personal guarantee for his loan

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By *eeBee67Man
over a year ago

Masked and Distant

And Branson's health company sued the government for millions I believe.

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By (user no longer on site) OP   
over a year ago

It’s interesting how these extremely rich people of the world have differing views of their wealth and how much they need. I see Jack Dorsey has pledged £810 million of his own wealth. Not to prop up his business but to help charitable causes and fighting Covid-19

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By *ionelhutzMan
over a year ago

liverpool


"And Branson's health company sued the government for millions I believe."

He did.

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By *wisted999Man
over a year ago

North Bucks

Bransons got some stones for some of the shit he pulls.

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By *heBirminghamWeekendMan
over a year ago

here

Virgin - have not received any government money as The Treasury and Sunak are reluctant to provide anything to Branson. The quote was something along the lines of “support would not be given unless every possible alternative funding had been fully explored by Virgin” - in other words look elsewhere if you need funds.

I also think if at some point support is given it would most likely be a loan - it’s not free money!

EasyJet - Stelios is trying to get out of a £4.5billion order with Airbus - without the order in place EasyJet have said they wouldn’t need any support funding .

The 600£ they have received is a loan and is not the full amount needed as easyJet have also secured £500 million from commercial funding.

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By *mmabluTV/TS
over a year ago

upton wirral


"When this is all over there could well be no airline businesses at all. Air travel could well be back in government hands. There will be little or no international travel for the next 12 months.

Just a thought. "
A very scary one

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By (user no longer on site) OP   
over a year ago


"Virgin - have not received any government money as The Treasury and Sunak are reluctant to provide anything to Branson. The quote was something along the lines of “support would not be given unless every possible alternative funding had been fully explored by Virgin” - in other words look elsewhere if you need funds.

I also think if at some point support is given it would most likely be a loan - it’s not free money!

EasyJet - Stelios is trying to get out of a £4.5billion order with Airbus - without the order in place EasyJet have said they wouldn’t need any support funding .

The 600£ they have received is a loan and is not the full amount needed as easyJet have also secured £500 million from commercial funding.

"

So you think a loan is deserved by a company with a ownership structure such as VA ?

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By *heBirminghamWeekendMan
over a year ago

here


"Virgin - have not received any government money as The Treasury and Sunak are reluctant to provide anything to Branson. The quote was something along the lines of “support would not be given unless every possible alternative funding had been fully explored by Virgin” - in other words look elsewhere if you need funds.

I also think if at some point support is given it would most likely be a loan - it’s not free money!

EasyJet - Stelios is trying to get out of a £4.5billion order with Airbus - without the order in place EasyJet have said they wouldn’t need any support funding .

The 600£ they have received is a loan and is not the full amount needed as easyJet have also secured £500 million from commercial funding.

So you think a loan is deserved by a company with a ownership structure such as VA ? "

As i said, VA have suggested they would be looking for support, and the Chancellor has said "look somewhere else first".

I would agree with this position.

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