Brexit and the waning days of the United Kingdom

[Barrister]

There are a variety of reasons for the collapse of Thomas Cook; brexit being a very minor one.

The essential problem is that more and more people are becoming their own travel agents via the internet; so the package holiday market is shrinking. Thos Cook responded to this by taking over rival firms (my travel rings a bell here); the company became heavily indebted. The coup de grace may have been the hot summer (plus a brexit effect?) that led to a fall in bookings in 2018 in a business with tight margins.

It should be noted that Thos Cook had already been bailed out by shareholders back in 2013; way before brexit became an iddue.

If debt were the major factor though you'd think the company goes into bankruptcy and basically turns itself over to the debt holders.

[Richard Hakluyt]

There is nothing of value to hand over, just £2bn of debt.

[Richard Hakluyt]

A synopsis here from the Guardian :

https://www.theguardian.com/business/2019/sep/23/thomas-cook-debt-brexit

[Sheilbh]

Yeah, their only assets appear to be intangibles and mainly goodwill. Their cash in hand was borrowed. Edit: soz, misread: a 2billion advance payment and 500million pension obligation....

I'm not sure Brexit had much to do with it, but does give useful cover for awful management.

[Richard Hakluyt]

The board were helping themselves to the usual vast payments throughout the duration of this sad saga of course; they never suffer 

[Valmy]

The board were helping themselves to the usual vast payments throughout the duration of this sad saga of course; they never suffer 

Yeah the captains of business never go down with the ship.

[Sheilbh]

The board were helping themselves to the usual vast payments throughout the duration of this sad saga of course; they never suffer 

Quite. At some point we need a little something to happen, pour encourager les autres....

[Richard Hakluyt]

The board were helping themselves to the usual vast payments throughout the duration of this sad saga of course; they never suffer 

Quite. At some point we need a little something to happen, pour encourager les autres....

I looked at Thos Cook as a potential investment some years ago (the shares were very cheap compared to their level of business and famous name) but concluded that they were highly likely to go under. There is something rotten in the system when the board draws vast salaries and a rank amateur in Lancashire knows that they are fucking things up.

(Drifing leftwards on that political compass thingie these days  )

[Sheilbh]

Meanwhile, at Labour conference: it looked like the leadership position on Brexit (neutrality) would go through on a union block vote and there was a pro-Remain counter motion.

Then, because "the media" made it about Jeremy the party members rallied and passed the leadership position.

But the counter motion still needed to be voted on, meaning Labour's position could have been to negotiate a Brexit deal, on which it was neutral, while supporting Remain.

After this weekend's attempt to abolish Tom Watson we had another retro moment. The conference chair thought the Remain motion had passed based on viewing the general room rather than an individual card count, she was corrected by the General Secretary and the motion was defeated. And there's no need for a card count.

[garbon]

How kind of Labour to remind that it isn't a credible oppositional party.

[Sheilbh]

Yeah. And then parts of the floor were in uproar and parts broke out into the "oh Jeremy Corbyn" song. Rapidly reaching the year it down and salt the earth point with Labour.

[Josquius]

On reflection Corbyn is just like brexit an example of the worst possible timing.
He ran for leadership just because it was his turn. The left of the party always put someone up and never get anywhere.
As it happens though the party was due for a surge to the left....
And through awful timing it was with a man who has the personality of a spunge.

[Syt]

So when was the point that British politics broke and started this descent into madness?

[Valmy]

So when was the point that British politics broke and started this descent into madness?

2015 election.

[Sheilbh]

Fair. There is a decent theory that the butterfly wings moment is when Eric Joyce pinched a Tory MP in one of the bars in Parliament.