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Richard Branson applies for £500million payday loan


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Richard Branson is asking for a bail out from the government of £500million. He is offering to put up his tax haven knocking shop personal Virgin Islands "offshore financial centre" as collateral.

This is the man with a 5billion fortune and doesn't see it as proper to pay UK taxes..._
 

https://www.bbc.co.uk/news/business-52354865

Edited by DiggerUK
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This guy has had enough off taxpayers over the years (Virgin Trains).

Why can't his business cope with a downturn ? Maybe he's not such a genius after all.

 I would not bail him out but he will probably get it.

 

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A private island with no police force or prying eyes......I bet Jeffrey Epstein would be interested, oh, hang on, he's dead..........Bingo!! Handy Andy can ponce a loan off his mum..._

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If Virgin Atlantic needs a government loan at commercial rates to save jobs and Branson is willing to put up his home as part of the collateral, why not just do it?  It seems that easyjet has already had a similar cash injection.

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If he needs a commercial loan, why not just go to a bank?

 

I can't stand the guy personally.  I didn't think much of his train service, yet when the franchise was taken away he acted like, "how can anything I do possibly be substandard, how dare you!!)

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The day has  finally come when welfare or charity payments or whatever you want to call them are now available for the mega rich as well, not from helping them losing everything, but for helping them lose a penny of their huge  wealth. There was a time when welfare came along to feed people who were staving, I am mean really starving and not 24 st women claiming its their genes of today, who tried to keep their children warm in mid winter while in the gutter.

I am not gunning for rich people, but charity is not for helping rich people hold all their wealth for eternity, so what if they lose £1 Billion out of £5 Billion

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21 minutes ago, Martin_JD said:

If Virgin Atlantic needs a government loan at commercial rates to save jobs and Branson is willing to put up his home as part of the collateral, why not just do it?  It seems that easyjet has already had a similar cash injection.

 

I think it's not for the taxpayer to bail everyone out and that's what he;s after basically a taxpayer backed loan. 

 

Why can't he get a private loan? Maybe because he's not running a sound business. In these circumstances he should sell the company or file for bankruptcy and let someone else take over. I am sure those landing slots at Heathrow are worth a few bob but he may not need 70,000 (!) staff,...

The free market should sort this out not HM Treasury.


Are we going to bail out every business? Where do you draw the line ?

 

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1 minute ago, Warlord said:

 

I think it's not for the taxpayer to bail everyone out and that's what he;s after basically a taxpayer backed loan. 

 

Why can't he get a private loan? Maybe because he's not running a sound business. In these circumstances he should sell the company or file for bankruptcy and let someone else take over. I am sure those landing slots at Heathrow are worth a few bob but he may not need 70,000 (!) staff,...

The free market should sort this out not HM Treasury.


Are we going to bail out every business? Where do you draw the line ?

 

Fair point.  I don't particularly want to see 70,000 people loose their jobs, but as you say the line needs to br drawn somewhere.  From what i've read it would seem the business is unable to secure a private loan, hence his letter.

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1 minute ago, Martin_JD said:

Fair point.  I don't particularly want to see 70,000 people loose their jobs, but as you say the line needs to br drawn somewhere.  From what i've read it would seem the business is unable to secure a private loan, hence his letter.

Once the US agreed to give their airlines huge bailouts, the other nations competing on transatlantic routes had no choice. A private lender would not loan money to an airline that was having to compete with state funded competitors. 

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12 minutes ago, Warlord said:

 

I think it's not for the taxpayer to bail everyone out and that's what he;s after basically a taxpayer backed loan. 

 

Why can't he get a private loan? Maybe because he's not running a sound business. In these circumstances he should sell the company or file for bankruptcy and let someone else take over. I am sure those landing slots at Heathrow are worth a few bob but he may not need 70,000 (!) staff,...

The free market should sort this out not HM Treasury.


Are we going to bail out every business? Where do you draw the line ?

 

The landing slots are reportedly mortgaged to bond holders.

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5 minutes ago, pmf170170 said:

The landing slots are reportedly mortgaged to bond holders.

 

LOL!  

Something tells me this is not a business we the taxpayer should be backing! 

However, he will probably get his loan because he has connections.  Lehmen Brothers and Bear Stearns weren't so lucky.

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Who needs Virgin Atlantic anyway - a long haul airline with very limited routes. Its shortest destination from London is Tel Aviv and there are plenty of airlines serving its Asian and US routes.

We might well miss BA, Ryanair and Easyjet re their massive European networks - but who cares about sleazyjet!

 

 

Edited by MARTINX9
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4 hours ago, Martin_JD said:

If.........Branson is willing to put up his home as part of the collateral, why not just do it.....

Erggghhh!!  because his 'home' is an island and is his own personal tax haven.....it was only worth £80million before this HPC, so asking for £500milion is some front from somebody who racked up millions in handouts for his railway and doesn't pay a penny income tax..._

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29 minutes ago, MARTINX9 said:

Who needs Virgin Atlantic anyway - a long haul airline with very limited routes. Its shortest destination from London is Tel Aviv and there are plenty of airlines serving its Asian and US routes.

We might well miss BA, Ryanair and Easyjet re their massive European networks - but who cares about sleazyjet!

 

 

 

Someone could buy it cheap and turn it around and make a go of it. That's how its meant to work anyway but Sir Richard wants a taxpayer bailout simply because he is desperate and has the cheek to do it.

 

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They don't do bailouts in Oz...

---

Virgin Australia has confirmed it has entered voluntary administration - making it Australia's first big corporate casualty of the coronavirus pandemic.

The country's second-largest carrier cut almost all flights last month following wide-spread travel bans.

It was already struggling with a long-term A$5bn (£2.55bn; $3.17bn) debt.

The airline is now seeking new buyers and investors, after failing to get a loan from Australia's government.

https://www.bbc.co.uk/news/world-australia-52363428

This is what should happen here. Screw Branson.

 

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12 hours ago, crumblingcon said:

The day has  finally come when welfare or charity payments or whatever you want to call them are now available for the mega rich as well, not from helping them losing everything, but for helping them lose a penny of their huge  wealth. There was a time when welfare came along to feed people who were staving, I am mean really starving and not 24 st women claiming its their genes of today, who tried to keep their children warm in mid winter while in the gutter.

I am not gunning for rich people, but charity is not for helping rich people hold all their wealth for eternity, so what if they lose £1 Billion out of £5 Billion

Whilst totally agreeing with your post overall , the 24 stone comment  and including men to be fair ? the normalisation of over consumption and being fat ( not a little over weight ) is obscene and now so main stream to label someone as fat is called body shaming

To the extent that two stories about people recently with Covid were reported as having no health issues and they were patently morbidly obese 

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8 hours ago, MARTINX9 said:

Who needs Virgin Atlantic anyway - a long haul airline with very limited routes. Its shortest destination from London is Tel Aviv and there are plenty of airlines serving its Asian and US routes.

We might well miss BA, Ryanair and Easyjet re their massive European networks - but who cares about sleazyjet!

 

 

This, easyJet and Ryanair have done a lot more to transform the airline business than Virgin.

 

I would love it if Ryanair hot hold of some of the assets and set up a London to New York route.

Edited by reddog
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Remember Laker.....one business fails a new better one will replace it, how can highly indebted firms who have the means and ability to help themselves make a call on the public purse, help us or else?......debt is wealth, debt protects the indebted, it is a bargaining tool.......if they can do it so can we all or we should do, play the same game as they do?........just a game a game of chance, no longer working, profit making, walk away, clear the debt......can always come back and do it again......good game.?

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I feel exactly the same way, look at football now, I have read endless times that football right now because of the virus crisis is clinging on by it's fingernails. No it's not, maybe a certain Sky TV bred business model is in crisis, but no matter what 22 men will from every town and City in the UK will play each other at football, even if it's in the local park and they will for the next 1000 years

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