Branson not happy about bailouts for other firms
March 21, 2009 by admin
Filed under News, News-Banking
Successful and world renowned businessman Sir Richard Branson has recently expressed his views on the topic of the government using taxpayer’s money to bail out other businesses in addition to the financial industry.
With the current recession many smaller businesses are having to shut down each week, and there was discussion over whether some of these businesses may be able to get hold of funding from the government to help them to stay afloat.
However, Sir Richard has recently said that whilst the government should continue to offer bailout funding to banks this sort of rescue scheme should not be offered to other industries.
He said that the government needed to ensure that the banks helped to keep small businesses afloat through appropriate funding rather than giving bailout funding directly to other businesses.
He went on to state: “I suspect this is the worst downturn that we have seen. Britain is one of the worst-affected countries in the world. I think that the government are right in trying to make sure that the banks are secure. And they have got to actually go even further to make sure that those banks keep middle-sized and small companies afloat, so that it doesn’t have a horrendous knock-on effect. I think they are doing the best to do that.”
Tags: recession, money, British people, government bailout, Bailout, Economic history, Politics, richard bransonCommenting on the prospect of the government bailing out other industries he also said: “I don’t think they should go further. I think other companies need to stand on their own two feet, and the weak ones need to go to the wall.”
