Max Power Posted September 23, 2019 Share Posted September 23, 2019 The world's oldest travel agent has collapsed having needed £200m to bail it out. According to the Times today, the cost to the UK taxpayer of repatriating the thousands of tourists stranded abroad will be £600m! This is money lost, never to be recovered, surely a government bailout would have been the cheaper option with at least a chance of repayment? What about the costs of all of those now thrown out of work? Link to comment Share on other sites More sharing options...
GD4ELI Posted September 23, 2019 Share Posted September 23, 2019 14 minutes ago, Max Power said: The world's oldest travel agent has collapsed having needed £200m to bail it out. According to the Times today, the cost to the UK taxpayer of repatriating the thousands of tourists stranded abroad will be £600m! This is money lost, never to be recovered, surely a government bailout would have been the cheaper option with at least a chance of repayment? What about the costs of all of those now thrown out of work? Knock-Knock - the ATOL money (£2.5 per holiday) is in a fund, actual cost expected to be £100m. Do you live in the real world or clinging to a small rock? TC already has debt of £1.7billion and anyway it would be against EU rules and common sense to prop up an outdated company. Link to comment Share on other sites More sharing options...
Max Power Posted September 23, 2019 Author Share Posted September 23, 2019 6 minutes ago, GD4ELI said: Knock-Knock - the ATOL money (£2.5 per holiday) is in a fund, actual cost expected to be £100m. Do you live in the real world or clinging to a small rock? TC already has debt of £1.7billion and anyway it would be against EU rules and common sense to prop up an outdated company. No need to be insulting, £200m to get everyone home is cheaper than £600m? Link to comment Share on other sites More sharing options...
GD4ELI Posted September 23, 2019 Share Posted September 23, 2019 7 minutes ago, Max Power said: No need to be insulting, £200m to get everyone home is cheaper than £600m? Knock-Knock again! The ATOL money is waiting to be used for this situation, it's an insurance. It's not the government's money. TC would go bust sooner or later, so you could chuck away £250m now, only to face the same situation in six months. Link to comment Share on other sites More sharing options...
Max Power Posted September 23, 2019 Author Share Posted September 23, 2019 Ok, I didn't realise that the debt was so high to be fair, lessons learned etc etc. Link to comment Share on other sites More sharing options...
GD4ELI Posted September 23, 2019 Share Posted September 23, 2019 3 minutes ago, Max Power said: Ok, I didn't realise that the debt was so high to be fair, lessons learned etc etc. No lessons really - IMO the government is handling this correctly, the internet has changed everything. My next-door neighbour flew out to Greece yesterday, her only issue will be that she may return to a different airport (she left from Bristol). There will be a bus / taxi / train / whatever laid on in case the repatriation flight doesn't come to Bristol. In the very worst case I'll drive to pick her up. There are some real muppets out there though, living life with both eyes closed. Link to comment Share on other sites More sharing options...
the stinking enigma Posted September 23, 2019 Share Posted September 23, 2019 The dunkirk spirit will get us through this Link to comment Share on other sites More sharing options...
quilp Posted September 23, 2019 Share Posted September 23, 2019 Link to comment Share on other sites More sharing options...
Rog Posted September 23, 2019 Share Posted September 23, 2019 I can't help feeling that a loan to repatriate those left in the lurch would be a much better idea. In that way those who can reclaim the cost of repatriation from nsurances or credit card charge back would be able to repay the loan, those not able would repay the loan much as a student loan is repaid. I totally fail to see why tax payers should foot the bill. Link to comment Share on other sites More sharing options...
GD4ELI Posted September 23, 2019 Share Posted September 23, 2019 2 minutes ago, Rog said: I can't help feeling that a loan to repatriate those left in the lurch would be a much better idea. In that way those who can reclaim the cost of repatriation from nsurances or credit card charge back would be able to repay the loan, those not able would repay the loan much as a student loan is repaid. I totally fail to see why tax payers should foot the bill. Dear Rog, Do you know what ATOL protection is? Every holiday you book includes £2.50 ATOL protection for exactly this circumstance. If you don't have ATOL protection, for example if you booked flight only then the government will not be providing a flight to get you home. In this situation you fall back on holiday insurance / credit card protection. Link to comment Share on other sites More sharing options...
woody2 Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, Rog said: I can't help feeling that a loan to repatriate those left in the lurch would be a much better idea. In that way those who can reclaim the cost of repatriation from nsurances or credit card charge back would be able to repay the loan, those not able would repay the loan much as a student loan is repaid. I totally fail to see why tax payers should foot the bill. they aren't...... Link to comment Share on other sites More sharing options...
woolley Posted September 23, 2019 Share Posted September 23, 2019 The principle of moral jeopardy must always apply. Ironically, banks have administered the final coup de grace to this business although it was going down through atrocious management anyway. Moral jeopardy should have applied to banks too when they came around with the begging bowl. Link to comment Share on other sites More sharing options...
John Wright Posted September 23, 2019 Share Posted September 23, 2019 2 minutes ago, woody2 said: they aren't...... They are to start with, then government will claim back from ATOL Link to comment Share on other sites More sharing options...
John Wright Posted September 23, 2019 Share Posted September 23, 2019 5 minutes ago, GD4ELI said: Dear Rog, Do you know what ATOL protection is? Every holiday you book includes £2.50 ATOL protection for exactly this circumstance. If you don't have ATOL protection, for example if you booked flight only then the government will not be providing a flight to get you home. In this situation you fall back on holiday insurance / credit card protection. In this instance, as Government is laying on the flights, it is repatriating all those who are already out there on flight only for free. card issuer/insurance claim is only if you haven't flown out. Link to comment Share on other sites More sharing options...
Rog Posted September 23, 2019 Share Posted September 23, 2019 44 minutes ago, GD4ELI said: Dear Rog, Do you know what ATOL protection is? Every holiday you book includes £2.50 ATOL protection for exactly this circumstance. If you don't have ATOL protection, for example if you booked flight only then the government will not be providing a flight to get you home. In this situation you fall back on holiday insurance / credit card protection. Yes I do. However there is an immediate need and that is why the UK tax payer is having to stump up 100 mil.. Link to comment Share on other sites More sharing options...
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