Coronavirus

Leave the Mogg farther out of this

 

PPE even

 

Tbf because he's not the sole shareholder, he could loan the money to the business in the same way as he's asking for.

 

Yeah I get what you are saying. My replies are more emotion based than logical.
I just have an issue with billionaires who contribute **** all tax wise asking US to bail them out when things turn to ****.
I hope that when business goes back to normal and he’s making his millions, he’ll share it back out amongst his employees, or even build a new hospital or school.
All a bit one way traffic for me.

 

BBC reporting only 2% of the £300bn allocated to the government backed business loan scheme has been approved. The banks are being utter ****s.

 

He could loan the business the money, but there is no way he has that level of cash to loan the business!

 

A friend of mine is a senior bod in the airline industry. He told me a few weeks ago that most airlines in the western world have enough cash and undrawn credit to survive for c.6-8 months.

On that basis 2 things stand out about Virgin's immediate loan requirements.

1. There wasn't enough cash in the business, possibly because it's made it's way into the shareholders' pockets
2. The government have loaned Easyjet money but are clearly trying to avoid giving Virgin a loan which suggests they don't see them as a good credit risk

 

If he was asking the government to just give them money rather than loan it and didn’t appear to be looking at what other options there were I would be taking a similar view to yourself. But overall I think airlines are an important sector for the world economy and was pleased EasyJet manage dto get loans and hope Virgin stay afloat as well.

As a side note, anecdotally I know a handful of people who work for Virgin Atlantic and they all love working there, for a lot of people it’s their dream job.

 

I really don't know enough about this so all questions are genuine here. The UK government isn't the only source for a loan. If he has £4bn in assets and he can't turn £1bn of that into liquid at short notice, then he could put it up for collateral elsewhere. For example, how come with all his contacts he can't find some middle-east billionaire to lend him the money?

 

His asset value will undoubtedly be lower at the moment given some of the industries he’s in are at risk due to coronavirus.

However I agree with you he should be able to look elsewhere for lines of credit before having to ask the government for a loan.

 

If he could prove to a bank, he could raise that cash from his own wealth, im sure he would get a short term loan from them

 

Amigo Loans?

 

will you be his guarantor?

 

Billionaire pay day loans... bailiffs turning up and towing away your super yacht when you can’t make repayment.

There’s a daytime TV show in there somewhere.

 

Can’t pay we’ll take your private island away
Channel 5 are defo interested!

 

Now of all times

 

Jesus

 

That would be grossly unfair on the rich

 

I don't think anyone expected the banks to start giving a flying **** about anyone.

 

I'm always getting called a Tory and I suggested a straight tax hike on the UK's highest earners. Double if necessary.

I don't see why they can't take a massive cut in their income, it's the lowest of earners right now who are being punished, not the filthy rich. They're not key workers, they should provide more to society.