Branson’s views on bailouts

Sir Richard Branson, the boss of the Virgin Group, has recently expressed his opinions over government bailouts in the UK. Branson stated that whilst he thinks that the government is right in bailing out banks with cash injections, he does not think that these bailouts should extend to other industries.

Branson added that the government needed to ensure that it was the banks that helped to keep small businesses afloat to ensure that the recession did not have a massive knock on effect. However, he added that “companies need to stand on their own two feet, and the weak ones need to go to the wall.”

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.”

Speaking about the government helping out other industries Branson 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.”