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Len

Corona Business Work Issues

'Furlough'

Had a heck of a day, not least trying to work out what 'furlough' actually means!

Apparently, if staff were sent home to reduce the risk of infection, or are even self-isolating, they are only entitled to statutory sick pay (If they are unable to work from home) Whereas if the work-load has been reduced due to the Corona-virus so you need to lay them off, that is when they are 'furlough', and you are entitled to claim back 80% of their wages.

I think there are going to be some frustrated / disappointed employers (and employees) who have done the right thing for the safety of their staff by sending them home to reduce the risk of infection, then finding out that they can't claim 80% of their wages back as that doesn't qualify as 'furlough'.

I have read up on it, and after speaking with my accountant, this is my conclusion - Anyone that does understand all this, please advise if I'm wrong here.

Thanks.

Len :thumbsup:

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7 hours ago, Len said:

'Furlough'

Had a heck of a day, not least trying to work out what 'furlough' actually means!

Apparently, if staff were sent home to reduce the risk of infection, or are even self-isolating, they are only entitled to statutory sick pay (If they are unable to work from home) Whereas if the work-load has been reduced due to the Corona-virus so you need to lay them off, that is when they are 'furlough', and you are entitled to claim back 80% of their wages.

I think there are going to be some frustrated / disappointed employers (and employees) who have done the right thing for the safety of their staff by sending them home to reduce the risk of infection, then finding out that they can't claim 80% of their wages back as that doesn't qualify as 'furlough'.

I have read up on it, and after speaking with my accountant, this is my conclusion - Anyone that does understand all this, please advise if I'm wrong here.

Thanks.

Len :thumbsup:

Thanks Len.  I have  self isolated because of the asthma but the company where I work is classed as a essential business ( don't know how ,apparently it's because they make plastic pellets that's used in the medical field.  !!! . ) but because I'm not actually sick I was led to believe that I couldn't claim sickness benefit . I will be looking into it 

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4 hours ago, Winsford Soul said:

Thanks Len.  I have  self isolated because of the asthma but the company where I work is classed as a essential business ( don't know how ,apparently it's because they make plastic pellets that's used in the medical field.  !!! . ) but because I'm not actually sick I was led to believe that I couldn't claim sickness benefit . I will be looking into it 

Hi Steve,

Even if you could claim sickness benefit, it's only £94.25 per week - I'm sure some (good) employers have sent their staff home on full pay for their own safety until further notice, under the impression that they can claim 80% of their wages back thinking their staff are now 'furlough'. 

And I would imagine some are using their tax and vat money to do as such, thinking it doesn't matter being as 80% of that money spent will be claimed back. 

Len :thumbsup:

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Just now, Len said:

Hi Steve,

Even if you could claim sickness benefit, it's only £94.25 per week - I'm sure some (good) employers have sent their staff home on full pay for their own safety until further notice, under the impression that they can claim 80% of their wages back thinking their staff are now 'furlough'. 

And I would imagine some are using their tax and vat money to as such, thinking it doesn't matter being as 80% of that money spent will be claimed back. 

Len :thumbsup:

Morning Len.  Trust all is well and safe mate.  I'm lucky enough to be able too take the financial hit. Regardless of if i get anything or not. But there must be countless others who in the same situation as me workwise who can't afford it . See you later on tonight my friend at virtual Bury 

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1 hour ago, Len said:

Hi Steve,

Even if you could claim sickness benefit, it's only £94.25 per week - I'm sure some (good) employers have sent their staff home on full pay for their own safety until further notice, under the impression that they can claim 80% of their wages back thinking their staff are now 'furlough'. 

And I would imagine some are using their tax and vat money to as such, thinking it doesn't matter being as 80% of that money spent will be claimed back. 

Len :thumbsup:

 

 

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On 27/03/2020 at 09:34, Len said:

Although I sent both my staff home last Tuesday eve until further notice, I have been lucky to be able to get out of the house and come to work being as I am in my car on my own, and here at work on my own.  I need to be here ref an order for some NHS items that may well come in - If it does, my staff have both confirmed that they will come back even though they are getting paid regardless, which I thought was good (When your country needs you)

My wife (Nina) has been working from home for 12 days now, whilst juggling keeping the two kids happy (They do have Schoolwork to keep them a bit occupied) Nina and I have been going out for a 'jog walk' at 6.00am each morning, which does help her keep sane.

The weekend? I think we'll all do a bit of cleaning, and I recon I will (ok might) completely empty the loft and have a good sort out.

Whatever you do folks - Be careful! You do not want to be needing to go to the hospital right now, nor do the staff of course.

Len :thumbsup:

 

Same here, still working, harder than ever. Dunno if I'll get paid though! Depends on who's still around when this is all over (businesses I mean).

 

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10 hours ago, Len said:

'Furlough'

Had a heck of a day, not least trying to work out what 'furlough' actually means!

Apparently, if staff were sent home to reduce the risk of infection, or are even self-isolating, they are only entitled to statutory sick pay (If they are unable to work from home) Whereas if the work-load has been reduced due to the Corona-virus so you need to lay them off, that is when they are 'furlough', and you are entitled to claim back 80% of their wages.

I think there are going to be some frustrated / disappointed employers (and employees) who have done the right thing for the safety of their staff by sending them home to reduce the risk of infection, then finding out that they can't claim 80% of their wages back as that doesn't qualify as 'furlough'.

I have read up on it, and after speaking with my accountant, this is my conclusion - Anyone that does understand all this, please advise if I'm wrong here.

Thanks.

Len :thumbsup:

I read this exactly the same way. I think you and I are in the same boat on this too. I mean it's fine if, say, you had a pub and obviously there's no work for people to do they'll automatically be furloughed and as soon as the pubs re-open business will be back to normal almost straightaway. Whereas with my business there's total uncertainty - work has stopped but only because I can't physically go out and do it. It may return but it may not - some work for other businesses depends on them still being there and still having any money themselves, I reckon a lot of them will defer big spending until 2021 now. So I could (have) sent staff home hoping I can access this money in June but if I can't I may yet have to make them redundant and/or cover the cost of paying them to do nothing which I have no idea where the money will come from.

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56 minutes ago, Soulfulmerlin said:

 

 

Yes this is the confusing thing ref 'furlough' - Do not go to work unless absolutely essential.  I understand that bit, but doing so doesn't qualify you to be 'furlough' ref a company claiming 80% of your wages back.  You have to take the hit / maybe claim statutory sick pay (of £94.25 a week) unless the company you work for has sent you home due to lack of work because of the Corona-virus.

Or so I understand it anyway.

Len :thumbsup:

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1 hour ago, Timillustrator said:

Same here, still working, harder than ever. Dunno if I'll get paid though! Depends on who's still around when this is all over (businesses I mean).

I hope this isn't the first of many, but on Thursday I got an email from one of my customers stating....."Due to the current situation with the Corona-virus, we will be holding off all payments until we know more blah blah blah".......

I can see that end of April's payments may be a bit 'shaky', and hope that everyone communicates about it, but the moneys due at the end of this month is for (in some cases) January, and February's work - We at least need that money to move!

Hey ho, it was only nearly £6,000.00 :huh:

Len :thumbsup:

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1 hour ago, Timillustrator said:

I read this exactly the same way. I think you and I are in the same boat on this too. I mean it's fine if, say, you had a pub and obviously there's no work for people to do they'll automatically be furloughed and as soon as the pubs re-open business will be back to normal almost straightaway. Whereas with my business there's total uncertainty - work has stopped but only because I can't physically go out and do it. It may return but it may not - some work for other businesses depends on them still being there and still having any money themselves, I reckon a lot of them will defer big spending until 2021 now. So I could (have) sent staff home hoping I can access this money in June but if I can't I may yet have to make them redundant and/or cover the cost of paying them to do nothing which I have no idea where the money will come from.

If your work has somewhat dried up, there only being enough for only you to earn as much as you can towards your overheads, they are then 'furlough' (Not enough work for them)  Yes, this is much clearer ref pubs and restaurants etc, as their work obviously suddenly stopped.

You need to send your staff a letter stating such - I will PM you templates of a couple of options that I am looking at.

Len :thumbsup:

 

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13 minutes ago, Len said:

I hope this isn't the first of many, but on Thursday I got an email from one of my customers stating....."Due the the current situation with the Corona-virus, we will be holding off all payments until we know more blah blah blah".......

I can see that end of April's payments may be a bit 'shaky', and hope that everyone communicates about it, but the moneys due at the end of this month is for (in some cases) January, and February's work - We at least need that money to move!

Hey ho, it was only nearly £6,000.00 :huh:

Len :thumbsup:

Oh no! Hopefully a one off. On the one hand I can sympathise with them - with all the uncertainty everyone will want to hang onto cash for as long as they can, because they might need it to pay wages or even buy food! On the other hand if everyone in the country did this then the economy will crash within a few weeks.

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2 minutes ago, Timillustrator said:

Oh no! Hopefully a one off. On the one hand I can sympathise with them - with all the uncertainty everyone will want to hang onto cash for as long as they can, because they might need it to pay wages or even buy food! On the other hand if everyone in the country did this then the economy will crash within a few weeks.

Exactly - I have set up all my BACS payments to my suppliers to leave my account on 31st March, and I will still be letting that happen - I can not justify holding on to other people's money.  Sometimes general cash flow causes me to stretch payment terms a little, but I always communicate and they know the money will get to them in the end.

This is different - If people hold off paying suppliers already, things are going to go badly wrong for companies very fast (I blame accountants of the larger firms further up the chain)

Suffice to say, I am dreading looking at my business bank account on Tuesday (31st March) It should show all my bills have left my account (which it will) But it should also show most of my end of month due payments in.....

Sorry folks, I seem to be going on a bit - I guess there are lots of others that this situation relates to :wink:

Len :thumbsup: 

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Posted (edited)

Seems a minefield ? If your company shuts shop to protect their employees health they cannot access the 80% wage is that what is been said ?

What do they do then the employee ? They are not sick so cannot access sickpay and not unemployed because they are still on their employers books  what do they do then ?

Correct me if I have got the wrong end of the stick , seems to me if we do not get sick with the virus we will end up mentally Ill with stress.

 

 

Edited by Shinehead
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15 minutes ago, Shinehead said:

Seems a minefield ? If your company shuts shop to protect their employees health they cannot access the 80% wage is that what is been said ?

What do they do then the employee ? They are not sick so cannot access sickpay and not unemployed because they are still on their employers books  what do they do then ?

Correct me if I have got the wrong end of the stick , seems to me if we do not get sick with the virus we will end up mentally I'll with stress .

 

The problem is it's unclear - Len and my reading of it is, yes you may not be able to. In any case you definitely can't access the money until the end of April by which time you may have already have laid off your workers for 6 weeks or more only to find there's no money to pay them. Too right on the stress - I was in utter despair last week but what can you do about it - Nothing.

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2 minutes ago, Timillustrator said:

The problem is it's unclear - Len and my reading of it is, yes you may not be able to. In any case you definitely can't access the money until the end of April by which time you may have already have laid off your workers for 6 weeks or more only to find there's no money to pay them. Too right on the stress - I was in utter despair last week but what can you do about it - Nothing.

I feel for you and Len and anyone in your situation.

My daughters work place has just shut to protect their  health ? they supply car parts to garages etc, she is under the impression from her employer that she will get 80% of pay , her employer has told the work force they are applying to the scheme.

But who knows , this could all end badly with people thinking they are doing  the  right  thing and then getting shafted.

Thank f**k I am retired but it seems my savings will take a hit helping my family out .

 

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2 hours ago, Shinehead said:

Seems a minefield ? If your company shuts shop to protect their employees health they cannot access the 80% wage is that what is been said ?

What do they do then the employee ? They are not sick so cannot access sickpay and not unemployed because they are still on their employers books  what do they do then ?

Correct me if I have got the wrong end of the stick , seems to me if we do not get sick with the virus we will end up mentally Ill with stress.

Yup, that's what is being said here - If a company runs out of work because of the virus, they can furlough staff and claim back 80% of their wages / If a company sends people home to protect their health, they can't claim anything.

Most companies will need to use vat and tax money to finance paying their staff, which is fine if the 80% is claimed.....I fear that some companies will do just that, use up all their vat and tax money on wages confident in the knowledge that they did the right thing by their staff, only to be told they can't claim the 80% back.

I know someone who sent his staff home on 80% pay, but made them sign a contract stating that if he can't claim that 80% they will have to pay him back.  That seems mean I know, and when I heard about it I thought jeeeze that kind of thing should be the last thing on his mind. But he knows he will go bust if he can't claim. Getting the wages back from staff would be near on impossible though (they won't have it) and I doubt the contract would be legally binding anyway.

"What do they do then the employee?".........The employee should either be sent home and still get paid. Or laid off, in which case they can access sick pay.........Or there's always........"Get a job at a supermarket"........So Tim Martin of Wetherspoons told his staff after paying some only up to their last shift before letting them go.  Maybe he knows something we don't - Or is doubtful that this 80% promise can actually be achieved.

Len :thumbsup:

 

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24 minutes ago, Len said:

Yup, that's what is being said here - If a company runs out of work because of the virus, they can furlough staff and claim back 80% of their wages / If a company sends people home to protect their health, they can't claim anything.

Most companies will need to use vat and tax money to finance paying their staff, which is fine if the 80% is claimed.....I fear that some companies will do just that, use up all their vat and tax money on wages confident in the knowledge that they did the right thing by their staff, only to be told they can't claim the 80% back.

I know someone who sent his staff home on 80% pay, but made them sign a contract stating that if he can't claim that 80% they will have to pay him back.  That seems mean I know, and when I heard about it I thought jeeeze that kind of thing should be the last thing on his mind. But he knows he will go bust if he can't claim. Getting the wages back from staff would be near on impossible though (they won't have it) and I doubt the contract would be legally binding anyway.

"What do they do then the employee?".........The employee should either be sent home and still get paid. Or laid off, in which case they can access sick pay.........Or there's always........"Get a job at a supermarket"........So Tim Martin of Wetherspoons told his staff after paying some only up to their last shift before letting them go.  Maybe he knows something we don't - Or is doubtful that this 80% promise can actually be achieved.

Len :thumbsup:

 

So a company that tries to do right by its workers  to keep them and the customers their staff come  into contact with safe is going  to come a cropper. 

These schemes have been done across party and with the cooperation of the unions , there is gonna be a lot of fuc*led off people when they find there is nothing to come in the way of 80% pay.

So the firms in question would have been better off keeping trading till their custom dropped off and was uneconomical to carry on but by which time their workers could be Ill or dead with the virus and also infected loads of customers .

I can see riots on the street when all this comes to an end , people who had good lives, destitute , homeless , and very fuc*ing angry after thinking the government  was doing the right thing by them.

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"This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise known as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant."

"To be eligible for the subsidy, when on furlough, an employee can not undertake work for or on behalf of the organisation. This includes providing services or generating revenue. While on furlough, the employee’s wage will be subject to usual income tax and other deductions."

"Employers should discuss with their staff and make any changes to the employment contract by agreement. Employers may need to seek legal advice on the process"

Extracts from HMRC website which may help. There will be questions relating to certain circumstances that won't necessarily be covered by the published advise and it will be assumed that broader information will be available to cover any such circumstances.

My question right now would be - "How do I prove that I have furloughed an employee?"

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Thanks for that info - I was convinced that if a company send their staff home for their well-being ref the virus they would be covered. In fact I argued this with my accountant! But it still could be that it is only for those employees that have been asked to stop working because of lack of work (rather than 'only' for their well-being)

My, as lots of others first thought was my staff's well-being, but what has happened has come hand in hand with a dramatic drop in orders, leaving only enough work for one person (me) If that.  People just need to be careful of how they claim furlough - It seems that lack of work due to the virus is what is needed, although I like to think those who have done right by their staff even if they have some work can also qualify.

The more I think about Tim Martin simply laying off his staff, the more I think he is doubtful that it is possible for the government to afford to pay all those people - The government are not only paying out an eye watering amount of money, they are also losing loads of income at the same time.

Len :thumbsup:

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1 hour ago, Jaco said:

"This applies to employees who have been asked to stop working, but who are being kept on the pay roll, otherwise known as ‘furloughed workers’. HMRC will reimburse 80% of their wages, up to £2,500 per month. This is to safeguard workers from being made redundant."

"To be eligible for the subsidy, when on furlough, an employee can not undertake work for or on behalf of the organisation. This includes providing services or generating revenue. While on furlough, the employee’s wage will be subject to usual income tax and other deductions."

"Employers should discuss with their staff and make any changes to the employment contract by agreement. Employers may need to seek legal advice on the process"

Extracts from HMRC website which may help. There will be questions relating to certain circumstances that won't necessarily be covered by the published advise and it will be assumed that broader information will be available to cover any such circumstances.

My question right now would be - "How do I prove that I have furloughed an employee?"

I am "working from home" until 31st March. Thereafter I have been advised by my company that I shall be furloughed and expect to receive 80% of salary at end of April. 

Had I have been sick or self isolating then I would only have received SSP for the period of sick absence. Staff will not get 80% of salary for self isolating. 

This is one of a number of fiscal policies being underwritten by the government that will take years to pay off but is totally necessary to prevent the spread of this disease and save lives. 

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That,s me signing on the sick then on Monday. Even though i,m not sick just self isolating for three months because of the Asthma. Its a strange set up.

You would have thought with the amount of people doing the same think as myself that there would be provision for this.

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8 minutes ago, Winsford Soul said:

That,s me signing on the sick then on Monday. Even though i,m not sick just self isolating for three months because of the Asthma. Its a strange set up.

You would have thought with the amount of people doing the same think as myself that there would be provision for this.

Why are you signing on Steve? If there is no work for you, your employer can furlough you. If they pay you 80% and recover 80%, its a neutral cost for the employer.

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20 minutes ago, Jaco said:

Why are you signing on Steve? If there is no work for you, your employer can furlough you. If they pay you 80% and recover 80%, its a neutral cost for the employer.

No mate. There is work for me. It's a company that is deemed to have protected status, suppliers of plastics to the medical industries it's me that's self isolated because of the asthma.  

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17 minutes ago, Winsford Soul said:

No mate. There is work for me. It's a company that is deemed to have protected status, suppliers of plastics to the medical industries it's me that's self isolated because of the asthma.  

Then keep safe, pal. I can work from home but I'm considered to be in the vulnerable group so a non-brainer from me to stay inside.

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The application process to get the money back for the furloughed workers is not published yet or the terms and conditions of eligibility or proof required.

As others have said, some companies wont get it back who already paid it out and will go bankrupt.

This lack of clarity will also lead to companies simply laying off workers because they dont know if they will get paid back.

It's simply a mess.

Just like the self employed farce.

Never trust a Tory...

Ed

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Without getting in to the politics side - It is a mess, but this is just massive and there has been hardly any time to prepare.  Everyone is doing their  best, ramping up supplies to the medical profession, sorting more testing, then the economy (In that order)

We will re-build somehow.

Len :thumbsup: 

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Having tried 54 weeks with no income in 1984/85 due to the miners strike, I can tell you all that's it's tough going. This only effected about 80,000 miners who stuck it out to the death.

Now Millions are just entering this phase where no money or not enough money is coming in to pay the Bill's and food etc.

Anarchy will happen if practical solutions are not found.

Its kicking off in Southern Italy right now.

Scary times indeed.

Ed

 

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Posted (edited)

Well if it is six months before things return to normal as the Government deputy chief medical officer said today then that's a LOT of UK businesses that are going under. Not being overly fatalistic but there's no way I could keep going that long. All the talk of furlough, grants, loans, support etc. would just be putting off the inevitable, if it does turn out to be that long then I would certainly be much better off by shutting up shop now and saving what money I can. No point getting into debt with loans because in 6 months time I'd have no clue how the work situation would stand.

Edited by Timillustrator
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I feel for you Tim - I've just finished yet again trying to get my head around all this / writing emails to myself to have another think tomorrow before sending them :huh:

I know that saying things like......"Think positive Tim!".....just doesn't cut it.  All I will say though, is that we just have to hang tight at the moment, and see how it unfolds (For a while at least)  No one knows how it will, yours and many other businesses may just pull through, albeit somewhat 'bruised' :wink:

The thought of three months locked down is bad enough, and if it goes to six months, that is even more daunting.  And I'm talking about just us as people / making sure our families cope, along with everyone's personal money worries.  Let alone also having a business with staff relying on you to add to that worry.

At the moment it is natural to fear the worst.

Len :thumbsup:

 

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Well I think the furlough money is on the way, hopefully this week but up until now employers, even if they are furloughing workers, have had to pay them still. Not easy if, like me, your last confirmed job was about 3 months ago and there's absolutely no prospect of any more work coming through for several months at least. 

Still at least something has come off but I think they are going to have to extend this furlough scheme to at least September, if not December, if they don't want thousands and thousands of small businesses to fold in the meantime waiting for things to pick up.

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On 28/03/2020 at 13:16, Len said:

Exactly - I have set up all my BACS payments to my suppliers to leave my account on 31st March, and I will still be letting that happen - I can not justify holding on to other people's money.  Sometimes general cash flow causes me to stretch payment terms a little, but I always communicate and they know the money will get to them in the end.

This is different - If people hold off paying suppliers already, things are going to go badly wrong for companies very fast (I blame accountants of the larger firms further up the chain)

Suffice to say, I am dreading looking at my business bank account on Tuesday (31st March) It should show all my bills have left my account (which it will) But it should also show most of my end of month due payments in.....

Sorry folks, I seem to be going on a bit - I guess there are lots of others that this situation relates to :wink:

Len :thumbsup: 

Like you  we have paid our suppliers even though it’ll nearly clean us out but there is a strong principle here and that is that the supplier has the good faith in you to take his goods on account and puts trust in us to pay them , I’d do without rather than not pay them , good for you len . We ,the user of the goods, cannot let the suppliers down because people have let us down ( understandable if you’re absolutely brassic ) but some shysters will use any excuse but will still be riding around in a big Range Rover or something   sitting on funds that they just can’t bear to see reducing before their very eyes . We will probably have to dip into some personal reserves but hey what the heck that’s life and the alternative is not the better option , I can do without a holiday or changing my car no bother . 

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I eagely checked my Business account on 30th April - Not one company paid me! (You gotta laugh ain't ya?) :huh:

Although one payment dripped in on 1st May.....On a positive note - I did a job a couple of day's ago, and because of the situation I am invoicing as I finish jobs, rather than waiting until the end of the month.  Anyway, the very next day I got a lovely email from said company saying that they have paid the invoice, and that they hoped doing so helps 'keep the wolf from the door'

We will remember those that work together through this!

Not sure if this is going to be like the various stages of grieving, but it was pretty lonely at work on me tod today - I have about two day's work on the books, just for me that is.  It's getting hard to motivate myself to crack on when there's not much going on - I look forward to when I can moan about being too busy once again :wink:

Len :thumbsup:

 

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Posted (edited)

The scariest thing to happen this week is that Warren Buffet has just took a $6,000,000,000 loss on his investment companies investment in USA airline companies by selling all their shares.

Because he could not see the share price stabilising or recovering any time soon.

Fatalist?

Planes cant operate on 15% passengers and make a profit.

When Warren sells....everybody sells.

It's the reverse of what he did with Bank of America shares. He bought ( at a discount) and everybody else bought..

Its inevitable a depression is coming.

Those poor capitalists who are funding life on tomorrow's earnings (credit) will fall first.

If you've got a nest egg......hold it tight.

Ed

 

 

Edited by Tomangoes
Spello
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Posted (edited)
3 hours ago, Len said:

I eagely checked my Business account on 30th April - Not one company paid me! (You gotta laugh ain't ya?) :huh:

Although one payment dripped in on 1st May.....On a positive note - I did a job a couple of day's ago, and because of the situation I am invoicing as I finish jobs, rather than waiting until the end of the month.  Anyway, the very next day I got a lovely email from said company saying that they have paid the invoice, and that they hoped doing so helps 'keep the wolf from the door'

We will remember those that work together through this!

Not sure if this is going to be like the various stages of grieving, but it was pretty lonely at work on me tod today - I have about two day's work on the books, just for me that is.  It's getting hard to motivate myself to crack on when there's not much going on - I look forward to when I can moan about being too busy once again :wink:

Len :thumbsup:

 

Me too, the wife comes in every now and again to bring me lunch but it's hard to keep going on your own with total uncertainty about the future and not a fat lot to look forward to in any other part of your life!

I also had someone pay me the same day and ring me to tell me they'd made the transfer, which is marvellous. 

The only positive is I spend all day listening to music, caught up with loads of stuff I had never got around to listening to in the past. Exploring Spotify for all genres too.

 

Edited by Timillustrator
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It's a bit like a monopoly game right now. Slowly but surely the masses are running out of money.

But according to the economist James Henry ....98,000 of the richest people in the world ' control' $ 21,000,000,000,000 (21 $trillion) 

Each of them has $214 million.

You can see the more you've got, the longer you can stay in the game.

Then as we bottom out, these fortunate few can buy up the cut price assets of the ones who went bust along the way.

Even though I'm not one of those 98,000....I'm not knocking the system, just acknowledging how boom and bust plays out.

Only a small percentage of the world are debt free.

You know what comes next.

Cant pay? We take it away.

Ed

 

 

 

 

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The furlough scheme is brilliant, but pubs & resturants will need it for at least 6 months, plus they will have accumilated rent arrears by then - This will take 100 years to pay off (Presuming we don't have another pandemic in that time)

When things get going again, they could add in a 'Coronavirus Tax' to help pay it off.  Maybe adding another 5% to Corporation Tax, and anyone earning over say £40,000.00 per year.

What awaits us is worrying, but everything might bounce back fast once it 'goes'

Len :thumbsup:

 

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Ha ha.

A redistribution of wealth, introduced by a tory government.

Jezza must be laughing his cock off.

More like survival of the richest....the big boys will eat up the little boys.

Monopolies will rule.

And the working class will do as they are told...

But hey, we shall witness very soon what happens if this curse Carrys on into another lockdown quarter.

Ed

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Posted (edited)

I can't be sure of the figures but I read that the furlough scheme is costing something like £8bn a month which is about the same as the cost of the NHS. I also saw somewhere that the UK's income from overseas students is about £7bn per year. Gives you an idea of the cost of all this. 

I think I'll need the furlough scheme for at least 6 months because I can't see work returning before then, I wonder, though, if they'll introduce some eligibility criteria? Otherwise a load of people could just use it to have 3 months extra paid leave in the summer. Not that they can go anywhere much though.

Edited by Timillustrator

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If you want to know where this can end up, and it's very scary....keep printing money and buying up riskier and riskier assets.

The currency is devalued and the failure rates of loan repayments increase.

Then comes hyper inflation.

Then the worst survival traits from humans comes out.

Jews and white farm owners spring to mind.

It could get real ugly.

Ed

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