I think he is rum, and it seems there’s a massive hole in the pension fund too - reprehensible.Philip Green is the worst. I am outraged he still holds a knighthood.
Worked for Arcadia 2006-08 when I was younger. Really appreciated making £5.52 p/h and having a 16 hour a week contract. Although had to be available full time.making rent monthly was a stress and a half. Terrible management, bullying culture. They made you access their uniform allowance by taking a mandatory store card. So... putting people in debt / credit risk to give them a uniform. Charlatans. Worst company I ever worked for.
New to Tattle Life? Click "Order Thread by Most Liked Posts" button below to get an idea of what the site is about:
Same, now he's done the easy bit of dishing out cash that will take decades to repay he should at least stick around to make a dent in the repayment!
Moreover, Chancellors, like most Front Bench ministers, come and go. So he could get moved in the next reshuffle, or simply step down, walk away and take a nice job in the private sector, while leaving the economy for some other schuck to sort out.
Well that’s it official; Arcadia Group have appointed administrators for a “light touch” process apparently.
Still, worrying. 13,000 jobs at risk. Plus, think of your home town high street or local shopping centre and there’s a couple Arcadia brands. The gap this would leave in retail spaces across the U.K. (if they were to close completely) Would be staggering. When you look at city and town planning and the issues planners have with filling the existing empty space.
Still, worrying. 13,000 jobs at risk. Plus, think of your home town high street or local shopping centre and there’s a couple Arcadia brands. The gap this would leave in retail spaces across the U.K. (if they were to close completely) Would be staggering. When you look at city and town planning and the issues planners have with filling the existing empty space.
I feel like both Debenhams and Arcadia have been on the verge of collapse long before covid came along, I suppose it has just accelerated the process.
Very shocked HMV hasn’t gone under as they have had to restructure several times before covid came along and always stick in my mind as a dying business. They have diversified a bit but not enough I don’t think.
Very sad for those working at Debenhams, so many jobs gone. And a huge hole in the high street.
Very shocked HMV hasn’t gone under as they have had to restructure several times before covid came along and always stick in my mind as a dying business. They have diversified a bit but not enough I don’t think.
Very sad for those working at Debenhams, so many jobs gone. And a huge hole in the high street.
They have sadly and C19 was the final nail in the coffin. Going to be so weird on the high street, we have a huge Debenhams which is predominant. The poor staff
I feel sorry for the 25k people that's jobs are now at risk. Sadly it was a matter of time for Debenhams and Arcadia and the writings been on the wall for a long time. I can't remember the last time I ever bought anything from either. Everything they do, other places do better.
Hopefully the buildings can be used for something new. Many high streets were pretty depressing long before covid.
Does ed think these employees should get different treatment to others? Can the government even do much against a tax exile that lives on water?
Hopefully the buildings can be used for something new. Many high streets were pretty depressing long before covid.
Does ed think these employees should get different treatment to others? Can the government even do much against a tax exile that lives on water?
I agree. I think the government need to be really careful here. Where would it end? Should the government start bailing out restaurants and others who fail? They let Thomas Cook collapse, why did they not save them? Private firms would continue to mismanage their businesses and strip everyhing if they know the government will constantly step in.
Feeling heart sorry for the employees; retail isn’t an easy place to work especially in the lead up to Christmas. However, I don’t believe tax payers should bail Arcadia/Debs.
Yes, more needs to be done to tackle the Philip Greens out there. Not reward with government consultancy and knighthoods. Disgrace! I’m not sure what can be done though. It’s THESE folk the country need to be up in arms about, not some individuals getting an extra £23 of child benefit.
What happened to this scandal that surrounded Green a few years ago? I think he was being accused of being a bully?
I spoke to a friend yesterday about tax rises - we can’t really see any way around it. Where should the money come from?
Large online retailers should pay more tax or make transfer payments.
I spoke to a friend yesterday about tax rises - we can’t really see any way around it. Where should the money come from?
Large online retailers should pay more tax or make transfer payments.
Is anyone genuinely worried about economic future.
Retail been survival of fittest since last downturn.
Only thing that goes up is houses.
A few years ago I looked into retraining ad social worker something they say they short of.
I could not afford the 9k a year tuition fees as had 1st degree business and legal.
Also it would have included placement so childcare.
I feel higher education is a mess these days.
They took away bursary from nurses and now they even more short on nurses.
Its a lot of debt and very little pay
There there childcare when I last worked full time you could get tax free vouchers even if just 1 parent worked that could be used upto age 12 for breakfast and after school club.
It was a salary sacrifice scheme.
It helped parents who only worked part time or were students.
They scrapped it for 30 hours upto age 5.
However I'm pretty sure you have to work a fair amount hours 30 hours even both parents be eligible
This has priced so many parents out the job market or retaining as mature student even further education courses are silly money.
.I read uk works longest hours in Europe
We have expensive hugh cost living.
High housing costs expensive childcare and expensive education.
Where are the 26k jobs lost this week what new jobs will they find
Its too costly retrain anything nhs or teaching.
Hospitality be on its knees.
Retail is shrinking
Even banks are closing local barely shuts soon and Lloyd's chemist the 2 places that seemed busy this year.
I lost my food retail job supermarket in August as they cutting wage budget again despite being really busy and probably making record profits.
How are we going to rebuild the economy
Create new jobs
Retail been survival of fittest since last downturn.
Only thing that goes up is houses.
A few years ago I looked into retraining ad social worker something they say they short of.
I could not afford the 9k a year tuition fees as had 1st degree business and legal.
Also it would have included placement so childcare.
I feel higher education is a mess these days.
They took away bursary from nurses and now they even more short on nurses.
Its a lot of debt and very little pay
There there childcare when I last worked full time you could get tax free vouchers even if just 1 parent worked that could be used upto age 12 for breakfast and after school club.
It was a salary sacrifice scheme.
It helped parents who only worked part time or were students.
They scrapped it for 30 hours upto age 5.
However I'm pretty sure you have to work a fair amount hours 30 hours even both parents be eligible
This has priced so many parents out the job market or retaining as mature student even further education courses are silly money.
.I read uk works longest hours in Europe
We have expensive hugh cost living.
High housing costs expensive childcare and expensive education.
Where are the 26k jobs lost this week what new jobs will they find
Its too costly retrain anything nhs or teaching.
Hospitality be on its knees.
Retail is shrinking
Even banks are closing local barely shuts soon and Lloyd's chemist the 2 places that seemed busy this year.
I lost my food retail job supermarket in August as they cutting wage budget again despite being really busy and probably making record profits.
How are we going to rebuild the economy
Create new jobs
That would set a very dangerous and hugely expensive precedent if government started bailing out private businesses. That would give bosses even more of an excuse to be reckless and expect the Taxpayer to pick up the tab.
Never fear, Green will survive completely intact. It just needs an inquisitive and determined journalist to dig through the layers of tit he has buried himself to discover his fortune, and how he came by it.
Completely agree. There was a lot of noise about how the government should have bailed out the likes of Thomas Cook. Nope. I disagree.
I also have noted with amusement people clamouring for Government bailouts of private businesses often being the same ones demonising “socialism”
Seems as if government protection and ££ is okay... as long as it’s socialism for the ultra wealthy. 
Debenhams will open TOMORROW for 'Wild Wednesday' fire sale of all remaining stock as 242-year-old chain collapses 24 hours after Arcadia - leaving 25,000 jobs at risk
I think I'll give it a miss!
I think I'll give it a miss!
No doubt there will be hoards of shoppers looking for bargains. Pity they weren't there previously to keep the business going.
That said, I can't even remember when I ventured into one of their shops, or bought anything online. They seem like a tired brand stuck in the 90s, just like so many other High Street businesses that just don't appear to have transmogrified for a more contemporary and fast-moving market place.
There was a lot of non sense that Thomas cook should be bailed out!
Tax payers rightfully paid for peoples return flights and so many with little economic sense thought the same money should have bailed out the company. Ignoring that it would have only lasted them a few weeks before they were back for more.
Capitalism without failure is socialism. Government help should be there to help people get into new roles
Tax payers rightfully paid for peoples return flights and so many with little economic sense thought the same money should have bailed out the company. Ignoring that it would have only lasted them a few weeks before they were back for more.
Capitalism without failure is socialism. Government help should be there to help people get into new roles
The only problem I have with government spending is how they badly underestimate massive capital projects - and in particular HS2, which started with a budget of around £26bn, but has exploded to a mooted £106bnThere was a lot of non sense that Thomas cook should be bailed out!
Tax payers rightfully paid for peoples return flights and so many with little economic sense thought the same money should have bailed out the company. Ignoring that it would have only lasted them a few weeks before they were back for more.
Capitalism without failure is socialism. Government help should be there to help people get into new roles
Moreover, it seems to be bailing out Transport for London to the tune of a couple of billion. And of course let's not forget how government constantly subsidizes private rail operators ever since the railways were privatised - an odd oxymoron.
My main issue with government spending is working tax credits. It's turned into a subsidy to allow employers to pay less and destroys asperation as people are no better off if they get promoted or take on more hours.
£284bn the government has currently spent supporting the economy since the beginning of the pandemic, according to the usual MSM; and the National Audit Office, will probably back this up when it updates its stats from August (£210bn). If this drags on for another 6 months, we could be looking at £350-£400bn, depending on who you speak too.
Given that the country already has a public debt to GDP ratio of 103% the government should be in no position to be bailing out anyone in the private sector.
Given that the country already has a public debt to GDP ratio of 103% the government should be in no position to be bailing out anyone in the private sector.
Oh dear, I had no idea local councils were borrowing heavily to speculate on commercial property, looks like chickens are already coming home to roost for Croydon council. This was a disaster waiting to happen!
Why local councils are loading up on debt
Local authorities are trying to make up for funding cuts by speculating on property markets and car showrooms. But what will happen when the cycle turns? Simon Wilson reports.
by: Simon Wilson
7 MAY 2017
Over the past two years, dozens of local authorities in England have gone on an unprecedented debt-fuelled spending spree, buying up around £1.7bn worth of commercial property assets – shopping centres, office blocks and so on – using cheap loans from an obscure Treasury offshoot known as the Public Works Loan Board. The PWLB has been around since 1793 (though is shortly to be abolished and its functions formally swallowed up by its parent, the UK Debt Management Office).
moneyweek.com
October 2020:
Croydon council on verge of bankruptcy after risky investments
November 2020:
Why local councils are loading up on debt
Local authorities are trying to make up for funding cuts by speculating on property markets and car showrooms. But what will happen when the cycle turns? Simon Wilson reports.
by: Simon Wilson
7 MAY 2017
Over the past two years, dozens of local authorities in England have gone on an unprecedented debt-fuelled spending spree, buying up around £1.7bn worth of commercial property assets – shopping centres, office blocks and so on – using cheap loans from an obscure Treasury offshoot known as the Public Works Loan Board. The PWLB has been around since 1793 (though is shortly to be abolished and its functions formally swallowed up by its parent, the UK Debt Management Office).
Why local councils are loading up on debt
Local authorities are trying to make up for funding cuts by speculating on property markets and car showrooms. But what will happen when the cycle turns? Simon Wilson reports.
moneyweek.com
October 2020:
Croydon council on verge of bankruptcy after risky investments
- Croydon borrowed £545m during the past three years to invest in housing and commercial property. This included a £200m loan to its own housing development arm Brick By Brick, which has yet to return a dividend. The council has capital borrowings of nearly £2bn.
- It invested £30m in the local Croydon Park Hotel in 2018-19. This went into administration in June. It also spent £46m on a shopping centre. The council’s strategy of “invest[ing] its way out of financial challenge” was “inherently flawed”, as councillors did not properly understand the retail and leisure markets, auditors said.
- It allowed a £39m overspend on adult and children’s social care to spin out of control after 2017 when an Ofsted inspection branded its children’s services “inadequate”, and subsequently used accounting tricks to mask its failure to control costs in these departments.
November 2020: