Branson is ready to mortgage a private island to save his airline

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Branson is ready to mortgage a private island to save his airline

The owner of the Virgin Group intends to mortgage his private island to raise money to help the company. He has previously asked the UK government to step in and save his Virgin Atlantic from bankruptcy..

Richard Branson is on the seventh line of the ranking of the richest people in the UK with a fortune of approximately 4.7 billion pounds. For the last 14 years he has lived on his own island.

«The reality of this unprecedented crisis is that airlines around the world need government support, and many have already received it. We will do our best to keep the company, but without the help of the authorities, we cannot achieve this. There is still no certainty as to when the planes will take off again and the tourist flow will resume.», – he said.

Branson Criticized For Seeking Financial Aid From Taxpayers, Rather Than Using His Own Fortune To Save A Business. Many noted that the entrepreneur has not paid any income tax to the Treasury since the moment of moving to non-taxable tax-free Virgin Islands 14 years ago.

Former chancellor John McDonnell believes that billionaires should in no way claim public funds during a national crisis.

How Richard Branson Is Trying To Save His Virgin Empire

Branson is ready to mortgage a private island to save his airline

MP Diana Abbott also stated that Branson, who has not paid taxes to this country for 14 years. Has no moral right to receive taxpayer assistance, credit or anything similar.

It is worth noting that this is not Branson’s first appeal to the UK government. It previously rejected Virgin Atlantic’s £ 500m bailout offer. The businessman was asked to explore other ways to obtain funds before seeking help from the state.

The billionaire himself points out that he is asking for a loan, not gratuitous money. To all critics, he pointed out that his fortune is made up of many projects and assets around the world, and not a bank account. In addition, according to him, their cost has significantly decreased due to the pandemic..

Branson pledged to invest $ 250 million in Virgin Group, an empire employing about 70 thousand people. Virgin Atlantic was founded in 1984. Branson retains 51% of the company.