Richard Branson ...

[TheLadyAnneNeville]

Multi billionaire. Owns his own island. Doesn’t live in the UK and doesn’t pay taxes on his income. WHY is this shite Govt. even considering the British tax payer bailing his company out. Surely, he has some company reserves, squirrelled away during the good years?

People are going to be made homeless here. People will have to live on £94.00 IF they’re lucky. Medics will have to choose who gets the ventilator IF there’s a nurse to operate it. And Grant Shapps says WE should bail Branson out. Shame on them.

[CappyCapCap]

Which business?

[TheLadyAnneNeville]

Virgin Airlines.

[CappyCapCap]

Virgin group dont own all of virgin Atlantic.

It's not quite a simple, as he has money, he can sort it out.

Not really sure how much he even has to do with officially owning the group.

[TheLadyAnneNeville]

Yes, I understand your point but why us? Why the British tax payer?

[KonTikki]

I don't think it will be a cash payout. More a change in tax regulations until this issue is resolved.
BA has threatened to sue if Virgin get preferential treatment, and hard for the Government to bail out having let Flybe go under.

[CappyCapCap]

I am presuming because its registered here. Its head office is here, so I am guessing its registered here.

I get what you are saying, but not sure how letting virgin go under, on principle, would help anyone.

I working in a company, set up similar to virgin group. If one of the companies goes under, the group ceo cant just put his own personal cash into to keep it from going under.

We do however need to be helping smaller businesses as well

[TheLadyAnneNeville]

We have a small business. I’m shit scared that it’ll go under, swiftly followed by losing our home. If we’re lucky, as I say, we might get Universal Credit.

And our 40+ year pension pot is f**d.

[vegvegveg]

Agree OP, small businesses are fucked and there's no support from the govt for them. Many of my friends who run small businesses are very very worried right now. The bloody cheek of Branson.

[Elizadoeslittle19]

I read this over the weekend that Virgin were to ask the government for £7 billion for the airline industry. Its absolutely disgusting that giving them anything would be considered. Especially when so many people are losing their jobs, small businesses etc may go under and absolutely NOTHING is given to the self employed people of this country who pay their taxes and National Insurance contributions etc.
What's more ludicrous is that these massive national and international companies are allowed to operate the way they do constantly in the red with directors and CEOs on million pound salaries and yet no cash reserves for emergencies. They then ask their staff to take unpaid leave. First thing they do is ask the government for money.... yet the government can't help the self employed. Disgraceful. Did nothing change after the collapse of Monarch, Thomas Cook, Flybe...

[notimagain]

Not really sure how much he even has to do with officially owning the group

I'm not sure anybody has...it would make a heck of an audit.

There's a strategic element behind this - In fairness to Virgin and other UK airlines such as BA they are very exposed financially when compared with those airlines that either have their home state bankrolling the behind the scenes ( some of the middle east operators) or protected from creditors by national legislation ( e.g; US chapter 11)..I'm sure President Trump would like to see Virgin and BA go under since it would massively benefit the likes of American Airlines and United once the market recovers...I wonder if that fact crossed Donald's mind when he introduced his travel ban on travel from the Schengen Zone.

Guess bailouts or not will be down to Boris and others and to some extent whether they want a UK based airline industry, employing tens of thousands of people in the UK paying tax, NI etc, when the world gets past CV-19

[Iggly]

Personally I think the government should pay individuals a basic income for 8 weeks and provide financial help to businesses

They pumped trillions in for the banks - banks who made massive losses because they were effectively gambling and their gambling debts caught up with them.

So why not for ordinary businesses and people?

[Tomorrowisanewday]

What @TheLadyAnneNeville said

[Jamclag]

Richard Branson is asking his staff at Virgin to take 8 weeks unpaid leave - apparently it would cost him around 4 million to pay his staff an average salary for that time - he's worth over 4 billion!

We need to be applying a tax on wealth for these tax-avoiding billionaires who, even in an unprecedented global health crisis, will not give back any of their stolen wealth to allow people to feed and look after their families!

[TheLadyAnneNeville]

He doesn’t know how to do the decent thing. “Sir” Richard Branson. A misnomer.

[sneeuw]

There's something going around FB right now that calculates if he paid the staff himself it would be the equivalent to his wealth of having €20 and losing 17p.

I didn't do that calculation and have tried to verify, just sharing what I've seen because I'm disgusted that it's even being considered.

If there is money to bail out financial companies, why has there not been enough money to increase UC payments when people are dying because they don't have enough money? Why isn't there enough to pay nurses more when many of them are part of the "working poor" and so on?

[ShastaBeast]

Virgin is a PLC not a private company owned by one individual. The collapse of such a big airline would have a knock on impact on a huge amount of people, employees, shareholders and anyone with investment funds with shares in the company. It’s simplistic to think about it being ‘his’ business we are bailing out. We will need flights again once this is over, we will need the planes, staff, airports and their staff, the suppliers to the airline and airport and all their staff. So many people depend on big businesses aside from the owners. The recovery of the economy will happen quicker if businesses survive. We have to do this unfortunately. Flybe was different because it was failing anyway.

[MarshaBradyo]

Why would it be bailed out?

[BretonKitten]

Agree on no bailout. Help staff who’ve lost their jobs, suppliers who go unpaid but don’t bail out the airline. There are no many airlines competing hard in a market with tiny margins, it’s not sustainable.

For what it’s worth, I don’t think Branson has got as much money as he makes out, there’s definitely something a bit smoke and mirrors about him.

[Coyoacan]

Agree on no bailout. Help staff who’ve lost their jobs, suppliers who go unpaid but don’t bail out the airline

I agree. If we need airlines after this is over, then there will be airlines. It's small businesses and individuals that need help at this crucial time.

[cucumber66]

I agree. If he wants to bail out his business then he can do it himself, just like the rest of us have to. It’s not like he doesn’t have the money.

[CappyCapCap]

apparently it would cost him around 4 million to pay his staff an average salary for that time - he's worth over 4 billion!

It's not as simple, with the way the company is set up for him to do that.

The problems comes with how these companies are set up and operate. It's legal, but risky.

It's ok saying help support the staff who will lose their jobs, but what does that look like? How much will that cost?

Looking at how it's set up, is too late now. It's already done and covid-19 has hit.

Depending on how the company is set up, he cant just pump money in. If he is able to, I agree he should. But it's unlikely.

However, it doesnt mean it should be the airlines and no one else.

[Elizadoeslittle19]

Virgin may not be 'set up' for him to put money in, (obviously set up that way for a reason) but what actually stops him from being a decent guy, doing the right and offering to help out of his own pocket. It makes no difference where the cash comes from. These are unprecedented times and he should step up.
Agree with the poster who said everyone who needs it should be paid the basic living wage for 8 weeks. Including self employed. Rather than giving money to airlines and CEOs who cannot manage the companies properly.

[Unusualusernames]

Disgusting man!

[CappyCapCap]

Virgin may not be 'set up' for him to put money in, (obviously set up that way for a reason) but what actually stops him from being a decent guy, doing the right and offering to help out of his own pocket. It makes no difference where the cash comes from. These are unprecedented times and he should step up.

I agree. It should be changed so he can

However, pumping a load of personal money into that sort of company just isnt allowed. That could and should be changed, to pay wages and keep companies afloat.

Unfortunately, not many companies have people willing to bunk a load of personal wealth in.

Also you can bet BA wouldnt be happy if he was allowed to do it theres a long history of bad business practises from both against the other.

BA could try and block any changes as they dont have a billionaire to pile the money in.

[Iggly]

However, pumping a load of personal money into that sort of company just isnt allowed

Er it is.