There are two potential lines of criticism here it seems and then I'm not quite sure what the intended solution is. That the businesses with the same (partial) ownership should cross subsidise, or the (partial) owner of a businesses should utilise some/all private wealth before seeking public monies. And both of those even overlooking existing legislation could have some very unintended consequences if just rolled out across society.Puja wrote:Really? He owns both Virgin Atlantic and Virgin Galactic. Back in March 2020, he declared that all Virgin Atlantic staff needed to take 8 weeks unpaid holiday because of the pandemic (thankfully averted with the invention of government sponsored furlough). He then successfully lobbied for a £500 million bailout from the government because otherwise "his business would go under." Yet he as the owner of Virgin Atlantic clearly has surplus capital, not just in terms of going into space, but in terms of having a personal wealth of £3.8bn from profits from his businesses. Surely the way capitalism is *supposed* to work is that he is then responsible for using that profit that he's stockpiled away during the good years to deal with unexpected event and unprofitable periods, not leech off the government (which, as a citizen of the British Virgin Islands, he no longer even contributes any personal tax to)?Digby wrote:Should get the results of the PCR later today.
And whether another business should be funded by the taxpayer seems a different thing to whether Branson should also be heading off into space.
Puja
Fwiw I'm with Aristotle (so this is hardly new thinking) on the hoarding side of things when it comes to money in a capital system, that it doesn't benefit society to have the super rich stash their cash away and it'd be better getting reinvested into the business. But that looks something we could/should be addressing ahead of and separately to something like furlough in a pandemic. The named businesses are almost certainly different entities and one or more either qualifies for support or doesn't, that an owner is rich and/or has different businesses interests isn't relevant, partly it just isn't, and partly deciding on what the rules should be and then trying to enact them would be very tricky