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[m1k3y1] 14/5/2020 13:35

962....where did I say that ?

[loganair] 14/5/2020 13:29

“I offering leasing companies state guarantees in 2020–2021, as well as subsidies in order to reduce the per-hour flying cost for Russian aircraft,” Putin said.

[962962] 14/5/2020 13:29

M1k.So the best thing to save this problem,would have been not to have the furlough scheme in the first place

[loganair] 14/5/2020 13:28

The airline subsidies unveiled by the Russian government - air carriers will have to use at least 60 percent of the funds on wages for their employees. The rest can be spent on leasing payments (30 percent at most), payments for aircraft parking, as well as other operating activities.

[m1k3y1] 14/5/2020 13:25

Of course.........they could just write the debt off, as could other countries but that might be too easy.

[sif12] 14/5/2020 13:24

azalea, sunak was a junior minister who got the job cos javid quit. he got it cos he new the terms. tow the line. He initially brought in one of his bosses at GS cos he wasnt sure what he was doing.

the financial moves currently, whether you agree with them or not are not the brain child of one man.

Hes been in post for months. Throwing money out is what all major govs have done. not some amazing move by the UK.

[loganair] 14/5/2020 13:24

The Telegraph reveals that a document drawn up for Chancellor Rishi Sunak, an ex-Goldman Sachs man, sets out a proposed ‘policy package’ of tax increases and spending restrictions. These included a two-year freeze on public sector pay, no automatic increase in the state pension, and hikes in VAT and National Insurance. Under the base case scenario there would be a need for £25-30 billion of tax rises and spending cuts, under the worst case scenario £80- £90 billion of tax rises and spending cuts. We’re talking VERY big money here, folks.

People also seem to forget who Rishi Sunak, the chancellor, is. After working as an analyst at Goldman’s, he was then a partner in a hedge fund management firm. He is not only extremely wealthy himself, he married the daughter of a billionaire. The idea that ‘Very Rich Rishi’ is going to close tax havens or get billionaires to foot the Covid-19 bill is absurd. On the contrary, we can be sure that whatever measures are imposed, it will be the 0.1 percent who do best of all.

Meanwhile, ordinary people in Britain are likely to face an extremely tough time of things, for many years to come. Job losses (when the furlough period ends), tax rises, pension freezes and wage freezes will be the ‘new normal’. The idea that the huge financial cost of shutting the economy down for weeks, or even months on end would somehow not affect the majority of people in a negative way was extraordinarily naive. There’s no such thing as a free lunch, as millions of Britons are about to find out.

[careful] 14/5/2020 13:22

Yet again we see the vulnerabilty of the World economy.

It reminds me of those carefully stacked pyramids of baked bean cans.
Take just one of them out and the whole lot collapses.

[m1k3y1] 14/5/2020 13:17

962......whether they have a job or not, Sunak will be finding ways to recover the money used for the furlough scheme.

This could be either via direct or indirect taxes BUT either way he will be recovering the funds.

I understand about people losing their jobs.........personally.
He needs to be doing more to save peoples jobs not concentrating on how he can take ownership of companies that UK GOV is causing to struggle.

[962962] 14/5/2020 13:07

m1k.I'd back out of this one if I were you.Your looking at this totally wrong.There are many people on furlough at the moment who wont be going back to a job when furlough ends/decreases.No income = no tax,even if the rate was increased to 50%,but your reasoning seems to suggest that they will still be liable to a loan repayment.Sorry mate not my thinking.

[m1k3y1] 14/5/2020 12:39

sikh.....if you receive money and are expected to pay it back ....then it is a loan.

[m1k3y1] 14/5/2020 12:38

jailbird....np

[sikhthetech] 14/5/2020 12:32

It's not a loan, it's is support.

Furloughed staff get paid indirectly, so they should pay their taxes.

The employers also contribute via employers NI.

Furlough scheme only supports employees pay upto £2500. It doesn't pay for otherheads like utilities.

Without the scheme many thousands of businesses would have failed already

[jailbird] 14/5/2020 12:30

Sorry just seen your post

[azalea] 14/5/2020 12:29

The chancellor will NEVER raise income tax by several pence. There are a number of ways he can and will recover the £300Bn, He is not going to pay furloughed workers 80% of their monthly salaries for ever and a day and give their employers a free ride. One would have to come up with a name to suggest a smarter chancellor than Rishi Sunak, who was Chief Secretary at the Treasury before taking up his current post; so he is no slouch when it comes to finances.

[m1k3y1] 14/5/2020 12:26

sikh.......taxpayers should not have to pay.

It may sound crazy but if they are expected to pay then it is just a loan BUT if the loan is to the employers, why are employees expected to repay via taxes ?

[sikhthetech] 14/5/2020 12:17

m1k3y1,

Have you noticed that govn from all around the world have lockdowns, restrictions, furlough schemes..

And yes, wherever you live in the world, taxpayers will have to pay for the support provided by the govns...


You make it sound like it's just the UK govn's doing it...

[silkstag] 14/5/2020 12:09

As a FTSE 250 company in late June IAG could raise say £1 bn equity @ 50p but pointless and probably unlawful as directors know that the hole will be too big. Would just be throwing further shareholder dead cash at creditors. Informal reconstruction with Court approval or formal Administration on the way.
Board geared up big time to accelerate growth and now has to U-turn instantly. Business customers will never come back in required volume so nothing viable on current cost base.
£11 bn unwanted new planes contracted. Have to pay £4 bn to cancel?
£24 bn existing planes are worth a fraction. Second hand value of spare 1/3 to 1/2? 1,000 other planes in industry for sale at same time?
£5-10 bn trading losses in next 12 months.
Iberia will struggle to fire employees in Spain.
Huge mess everywhere. Over-geared. Unloved.
Only started 1 April 2020 with £6 bn net assets. -£10 bn under water inevitable? Shares 0p.
As a savvy friend (RIP) used to say, IAG "is not just in trouble, it is bust"
All imho. DYOR

[m1k3y1] 14/5/2020 12:02

So it seems that Sunak is offering the furlough scheme to employers BUT he will be expecting employees to pay it back via increased taxes later .........

Smoke and mirrors from yet another Goldman acolyte.

[littlepuppi7] 14/5/2020 12:02

Time to move to JKX. Not ridden the oil price rally at all yet, Unlike here, no debt, p2 reserves over 100m and 10,000 boepd production. Probably the biggest bargain out there at 30m mkt cap..15m USD in the bank at last count and NO DEBT. Not many shares avaliable at the current low price so should move pretty swiftly... Also hold a 10% stake in UNB, Ukraines biggest O+G producer probably worth 30m plus....

Summary of recent expectation smashing final results

FINAL RESULTS

FOR THE YEARED 31 DECEMBER 2019

JKX Oil & Gas plc (LSE: JKX), announces its results for the year ended 31 December 2019.

2019 Highlights

-- Revenue up to $101.7m (2018:$92.9m) thanks to increased production volume in Ukraine, despite lower gas prices.

-- Profit before tax up to $30.4m (2018:$14.0m).

-- Cash generated from continuing operations up to $41.4m (2018:$37.3m).

-- Year end cash position of $20.6m (2018:$19.2m).

-- Final bond payment made February 2020, making the JKX Group debt free.

-- Average daily production up to 10,748boepd (2018:8,937boepd).

-- In Ukraine, production up more than 50% to 5,584boepd (2018:3,677boepd) due to continued execution of development plan.

-- In Russia, well workover programme completed and average production maintained at 5,158boepd (2018:5,169boepd).

[m1k3y1] 14/5/2020 12:01

Apparently, BA have refunded 921,000 tickets involving 2.11 million flights.
There are 47,400 bookings outstanding , which are being processed .

[bookbroker] 14/5/2020 12:01

And figuring how to raise taxes to several pence in the pound and keep the electorate sweet!

[bookbroker] 14/5/2020 12:00

Sunak is not that bright, he has BOE behind him, it is easy to come up with an alphabet soup of funds to assist the population, you just print money, but the hard part is down the line when you have to prevent the country going to the IMF for a state bailout.