Richard Branson backs Gordon Brown

[TopGun]

http://news.bbc.co.uk/1/hi/business/7903172.stm

 

Virgin Group boss Sir Richard Branson has backed state bail-outs for failing banks but said similar rescues should not be offered to other industries.

 

He said the government should make sure banks kept small businesses afloat to prevent the recession having a "horrendous knock-on effect".

 

But "companies need to stand on their own two feet, and the weak ones need to go to the wall", Sir Richard said.

 

He said the downturn could be the worst in Virgin Atlantic's 25 years.

 

Sir Richard told BBC News that there had been four major downturns in the airline's lifetime, adding: "I suspect this is the worst downturn that we have seen."

 

"Britain is one of the worst-affected countries in the world," he said.

 

"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 [the recession] doesn't have a horrendous knock-on effect.

 

"I think they are doing the best to do that."

 

The government has pumped billions of pounds into failing UK banks.

 

But Sir Richard said he did not think there should be similar rescues for other industries.

 

"I don't think they [the government] 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."

 

Totally right.

[OldNick]

did you also see he said some of the big car companies should be allowed to fail so that they get new greener products coming through.Says the man who owned an airline company and interested in buying a formula ! racing team.Lol