this thread hadn't already been started,how ironic that somebody who hasn't paid any UK income tax in 14 years,now wants the taxpayers to bail his business out.that said he has got a point about Easyjet.

Sir Richard Branson has warned that airline Virgin Atlantic needs government support to survive.

The boss of the Virgin Group said he was not asking for a handout, but a commercial loan, believed to be £500m.

In an open letter to staff, Sir Richard said: "Many airlines around the world need government support and many have already received it.

The plea comes as Virgin Australia, the country's second largest airline, faces going into administration without aid.

Sir Richard wrote in his letter that without UK government support for Virgin Atlantic "there won't be any competition left and hundreds of thousands more jobs will be lost".

Virgin Atlantic - which is owned jointly by Sir Richard and US carrier Delta - has reportedly asked for £500m in aid. However, according to an FT report last week, the request has been rejected by the Treasury.

It said the airline had not done enough to show it had explored other options to bolster cash before asking for state aid.

Government support
In his letter to staff, Sir Richard said: "We will do everything we can to keep the airline [Virgin Atlantic] going - but we will need government support to achieve that in the face of the severe uncertainty surrounding travel today and not knowing how long the planes will be grounded for.

"This would be in the form of a commercial loan - it wouldn't be free money and the airline would pay it back (as EasyJet will do for the £600m loan the government recently gave them)."

He pointed out that Virgin Atlantic started with one plane 36 years ago, before adding: "Over those years it has created real competition for British Airways, which must remain fierce for the benefit of our wonderful customers and the public at large."

Sir Richard offered to inject £250m into the Virgin Group last month, with most of that going to the airline.

Earlier this month, Rolls-Royce, Airbus, Heathrow airport and Manchester Airports Group sent letters to the government highlighting the importance of Virgin Atlantic to the UK's manufacturing supply chain.

Australia struggles
Meanwhile, it has been reported that Virgin Australia - in which Sir Richard holds a stake of around 10% - is close to going into administration after being refused help by the Australian government.

The carrier has been forced to cancel nearly all of its flights during the coronavirus crisis and been unable to restructure its debts.

The Australian government refused a request from the company for a A$1.4bn (£720m) loan.

The airline - which employs about 16,000 - is part-owned by Sir Richard along with Etihad, Singapore Airlines and China's HNA.

"The brilliant Virgin Australia team is fighting to survive and need support to get through this catastrophic global crisis," Sir Richard said.

"We are hopeful that Virgin Australia can emerge stronger than ever, as a more sustainable, financially viable airline."

He warned: "If Virgin Australia disappears, Qantas would effectively have a monopoly of the Australian skies. We all know what that would lead to."

Sir Richard also addressed the fierce criticism he has faced in recent weeks over his tax situation.

Critics have pointed out he has paid no UK income tax since moving to the tax-free British Virgin Islands 14 years ago.

Sir Richard is the 312th richest person in the world with an estimated $5.2bn fortune, according to the Bloomberg billionaires index.

"I've seen lots of comments about my net worth - but that is calculated on the value of Virgin businesses around the world before this crisis, not sitting as cash in a bank account ready to withdraw," he said.

"Over the years significant profits have never been taken out of the Virgin Group, instead they have been reinvested in building businesses that create value and opportunities."

Turning to the question of living abroad he said: "Joan and I did not leave Britain for tax reasons but for our love of the beautiful British Virgin Islands (BVI) and in particular Necker Island, which I bought when I was 29 years old, as an uninhabited island on the edges of the BVI.

"Over time, we built our family home here. The rest of the island is run as a business, which employs 175 people."

So the £500m would you give him a loan.

Not a penny. Horrible man.

Go **** yourself Branston.

He lives there because of Necker’s beauty and nothing to do with tax. Right ok then. Plenty of airlines have gone bust before him ....Pan Am, Laker, TWA .... it’s a hard business needing lots of cash flow. Why is he any different ?

Richard Branson. He can whistle for the Sir bit.

I would.

Branson's in a pickle.

Where do his companies pay tax?

Grumps wrote: ↑

Mon Apr 20, 2020 2:53 pm

Where do his companies pay tax?

Good question.

He can go whistle. Tosspot.

Beat you to it tiger 76!

RingoMcCartney wrote: ↑

Mon Apr 20, 2020 1:42 pm

Tue Mar 31, 2020 11:25 pm

Tricky Dicky Branson- came cap in hand, demanding the already hard pressed, uk tax payer bail him out!

As the founder of Virgin Records and Virgin Atlantic airlines, Richard Branson is a business mogul sitting on a cool $5 billion fortune. Although he hails from the U.K., his primary residence is on Necker Island, an island in the Caribbean that he purchased for $180,000. Branson has repeatedly been accused of escaping to Necker Island as a way out of paying taxes due to the lack of income taxes there, but the Virgin mogul has denied this.

“I have not left Britain for tax reasons but for my love of the beautiful British Virgin Islands,” Branson wrote on the Virgin website in 2013, according to The Telegraph.

Yeah right!

Sorry!

The response is roughly what i expected,maybe i'm misunderstanding but why can't he make use of the government's furlough scheme,and then resume operations when circumstances allow,like many any employers will be doing,he's absolutely the kind of individual who gives capitalism a bad name,live by the sword,die by the sword i'm afraid,i do hope all the staff he employs manage to find alternative employment if he does pull the plug,but at face value it looks to me as if he's using them as a bargaining chip to hold a gun to the government's head,and if they don't give in to his demands,he'll just shut up shop.

Hmm, does Virgin Atlantic make money, will it be able to pay back a UK taxpayer loan? What are the prospects for airlines when covid-19 is "sorted?"
Key credit question: if VA didn't exist would someone want to compete in that market? Is it time for "Phoenix Atlantic" (or another low cost new entrant)?

Thinking about it I can see why "Phoenix Atlantic" might not be a popular name for an airline. Strangely, "Phoenix Air" exists.

Didn’t pick the best time to launch his cruise line either. Maybe his magic touch has disappeared

If he needs a commercial loan and it is a good risk then I would guess banks or other investors will come forward.

I can't see the airline business going back to 'as it was before' after this virus epidemic subsides. There will surely be a review of the industry including particularly its impact on global warming so I think there will be a lot of challenges for that industry.

Indeed, I hope there will be a wide scale review of our way of living - reliance on super markets, transport etc. - so that we can find a good way forward.

He wasn't concerned when flybe folded.been feathering his own nest for years...one of the smarmy touchy feely types.

He will get pretty much what he wants.

He p1sses in the same pot as the Bullngdon elite who are now firmly in charge of divvying up the national pie.

The plebs will get a few crumbs to keep them alive and working.

How is Branson different to any other businessman ? He's seen a problem with his business(es) and is trying to solve them.
You don't like him or the way he works - don't use his companies.

evensteadiereddie wrote: ↑

Tue Apr 21, 2020 8:18 am

How is Branson different to any other businessman ? He's seen a problem with his business(es) and is trying to solve them.
You don't like him or the way he works - don't use his companies.

But isn't he worth 5 billion and a tax exile.

I don't have a problem with him asking for a commercial loan. If his company meet the criteria set by the government then he gets it. If I was setting that criteria one of those stipulations would be along the lines of; I understand why you would want to live in the BVI but your Airline is based in the UK so therefore you should pay tax in the UK. In short companies that pay tax in the UK and don't use havens to dodge tax can have a loan. The choice is his.

If his reported personal wealth is any way near, then he can help it out with a personal loan
on a commercial basis. He won't miss that sort of money.

Slimey little toad.

Funkydrummer wrote: ↑

Tue Apr 21, 2020 8:28 am

If his reported personal wealth is any way near, then he can help it out with a personal loan
on a commercial basis. He won't miss that sort of money.

Slimey little toad.

Exactly...pump £500 million of his own cash in.

I read somewhere that the Danish govt is refusing to provide any assistance to any company registered in an offshore tax haven, or which is continuing to pay dividends to shareholders or buy back shares.

We should be doing the same, but I’m sure we won’t.

Woke up to find Virgin Australia now in administration after Oz government refused their loan request. In debt for A$5bn, How does he expect to repay loans?

If he has got a viable business he can go to his own bank for the loan - in the Cayman Islands presumably ?
Seriously why can’t he approach his own bank ? Why burden the British taxpayer with this risk ?

The probable answer to this is that his own bank would not touch it.

He has however got the same rights as other companies which is to furlough his staff which they have no doubt already done. As far as I am aware going directly to the British government for a commercial loan is not one of the measures of support announced by the government and is not available to any other company.
The business interruption loan is available via his bank - he can go online and fill in the application form like everyone else - he’s just got a few more zeros he needs to put in.

He wants to use Necker (worth £80 million) as security for a £500 million loan. And you wonder why he doesn’t approach the banks ? Airlines haemorrhage money and I hope this money is directed elsewhere and the Govt show some backbone. He is being slated for this by the British taxpayer. One has posted on on social media how he has gone from being Britain’s favourite businessman to having the status of a leper.

Can’t argue with this.

Alongside Greedy Green and others, He wont go hungry..that's for sure.

Absolutely not. He's playing the game the wealthy have been able to for years. I don't blame the guy for using the system to his own advantage.
Let's see the government follow Denmark's example if we're so upset about Branson's - and many others' - behaviour.

Nothing worse than people rubbing their wealth in other peoples noses, especially at a time when so many are suffering

He’s possibly asking for as much now in a loan from the government as he should have paid in taxes to them.

Karma ?....if he’s refused yes.

But main point is why burden the country with such a big risky loan for an industry that is going through turmoil. With a reported person wealth of £5bn why can’t he lend the money to them himself ?

The old bottom pincher is no stranger to proffering the begging bowl . Perhaps he could sell a couple of islands ? A throw a cheeky billion at his ego trip ( erm I mean airline )

TheFamilyCat wrote: ↑

Mon Apr 20, 2020 2:45 pm

Go **** yourself Branston.

Don't you mean go Pickle yourself Branston?

No way should the government be bailing out billionaires who have the money to bail themselves out

If Virgin airlines goes bust another billionaire will step up and takeover the airline, or another airline will take over its slots

Top Claret wrote: ↑

Tue Apr 21, 2020 1:23 pm

Don't you mean go Pickle yourself Branston?

No, definitely **** himself.

The government will have to consider if Virgin goes kaput so does it's order of over 330 Airbus aircraft which will have huge impact on Airbus and Rolls Royce, companies they love to tout as great examples of advanced British engineering. Could have a bigger knock on effect in jobs lost than just at Virgin.

Let the jealousy over one man cloud your judgment and ignore the impact. Bet none of the spiteful comments are from anyone working for Virgin

Tricky Trevor wrote: ↑

Mon Apr 20, 2020 2:41 pm

Not a penny. Horrible man.

He's a Parasite!

tim_noone wrote: ↑

Tue Apr 21, 2020 8:31 am

Exactly...pump £500 million of his own cash in.

Most of his value is in the ownership of the very companies that are in danger of going bust. Not a brilliant bit of collateral to offer...

TVC15 wrote: ↑

Tue Apr 21, 2020 8:42 am

If he has got a viable business he can go to his own bank for the loan - in the Cayman Islands presumably ?
Seriously why can’t he approach his own bank ? Why burden the British taxpayer with this risk ?

The probable answer to this is that his own bank would not touch it.

He has however got the same rights as other companies which is to furlough his staff which they have no doubt already done. As far as I am aware going directly to the British government for a commercial loan is not one of the measures of support announced by the government and is not available to any other company.
The business interruption loan is available via his bank - he can go online and fill in the application form like everyone else - he’s just got a few more zeros he needs to put in.

He was one of the first in line with his hand out, he initially asked his airline staff to take 8 weeks unpaid leave!.....Tapeworm.

If he is in partnership with Etihad and Delta why is he alone coming to the UK tax paye/ banks for loan. Where are these other partners in this big money ask? I also totally agree with the Danish approach. The government are often being pressed to say how they will restrict greed mongers from playing the system. This should be the answer. Good bacon too!

Virgin Atlantic is owned by the Virgin Group (20%), Air France-KLM (31%) and Delta Air Lines (49%). Why should the UK Govt (UK taxpayer) support them? Maybe in conjunction with Delta and Air France but surely not the UK on its own.
He could also pledge his assets to get loans from Banks to support VA.

Nationalise it.

Taking the 'T' out of being in a pickle.

And the 'P' out of the rest of us.

TheFamilyCat wrote: ↑

Mon Apr 20, 2020 2:45 pm

Go **** yourself Branston.

Yeah he often looks pickled.

He's asking for a loan against his property. If he didn't give a ****, he'd let it fold and count his money on his island.

You're all embarrassingly pathetically envious - he's richer than you, get over it.

Funny how you're all quick to go on about peoples jobs at stake, but here you don't give a **** because you "don't like him".

Pathetic.

I think most people are envious of billionaires. I’d certainly like to give it a go.

The reason sympathy is running low is because he’s chosen not to pay tax in this country and is now begging for help.

Personally I think they should be giving the loan, but only under very strict conditions.

tarkys_ears wrote: ↑

Wed Apr 22, 2020 10:59 am

He's asking for a loan against his property. If he didn't give a ****, he'd let it fold and count his money on his island.

You're all embarrassingly pathetically envious - he's richer than you, get over it.

Funny how you're all quick to go on about peoples jobs at stake, but here you don't give a **** because you "don't like him".

Pathetic.

Pretty embarrassing and pathetic post.

Why does he not ask the government where he lives and where he registers his companies to avoid tax for a loan ?

Or why does he not ask his Bank for a loan - as you secured on his property (!!!). Going to your bank for a business interruption loan is what all the other companies in the UK have to do - and these other companies actually pay tax.

Why burden the tax payer with the risk of a £500m loan with no idea whether his business is viable. Virgin Australia has just gone bust - it’s hardly a risk free sector.

If he is that confident he can repay it with his personal assets / wealth and all this security why is he going to the British taxpayer for the money - the same taxpayer he has managed to avoid paying hundreds of millions of tax ?

It’s got f-uck all to do with envy - that’s just a lazy argument often thrown out.
If you genuinely think that he deserves to be provided with a loan from the government and that is his only option then put together a reasonable argument as to why.

CombatClaret wrote: ↑

Tue Apr 21, 2020 2:00 pm

The government will have to consider if Virgin goes kaput so does it's order of over 330 Airbus aircraft which will have huge impact on Airbus and Rolls Royce, companies they love to tout as great examples of advanced British engineering. Could have a bigger knock on effect in jobs lost than just at Virgin.

Virgin Atlantic only have about 40 aircraft in total....they may have a few "Airbus A330" on order but it will be a trivial number. The effect of Covid19 on the world airline industry may turn out to be massive and when you consider that Boeing and Airbus both have thousands of aircraft orders at risk from substantial airlines all over the world then VA are very tiny pebbles on a very big beach.

Bordeauxclaret wrote: ↑

Wed Apr 22, 2020 11:14 am

I think most people are envious of billionaires. I’d certainly like to give it a go.

The reason sympathy is running low is because he’s chosen not to pay tax in this country and is now begging for help.

Personally I think they should be giving the loan, but only under very strict conditions.

Why do you think they should be given the loan ?
I get the debate about protecting jobs etc but look at what they did to their employees as soon as the crisis broke. Why should Virgin be given special privileges when many multi national companies (who pay tax here) are not offered the same and having to do what all other companies are doing - go to their bank, cut costs etc.

I know we bailed out the banks but that was more to save the economy collapsing - nothing is going to collapse if Virgin go bust...but if their business is viable then they should go to their banks or approach his own government or the governments of the major shareholders who own the business - none of which are the UK.