So today seems to be make or break for them, what does everyone think is going to happen?
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I think it's gonna be bad news. Sucks for me as I have a holiday booked for 2020 - but of course, sucks more for their employees.
I think that unfortunately its gone too far and they will go into administration.
I really hope they don't get a bailout, not that I want anyone to lose their job but it's just bandaid money and it's not the government's responsibility to bail out private companies that haven't kept up with the times. That's not capitalism.
With the public debt and how much services are underfunded it would be a huge disservice to everyone.
They're trying to sell it as cheaper to bail out than to fund flying back everyone, but I think that's misleading.
With the public debt and how much services are underfunded it would be a huge disservice to everyone.
They're trying to sell it as cheaper to bail out than to fund flying back everyone, but I think that's misleading.
They're trying to sell it as cheaper to bail out than to fund flying back everyone, but I think that's misleading.
Completely agree that this is misleading. It’s not a case of £200m or £600m as all passengers are covered by ATOL
Completely agree that this is misleading. It’s not a case of £200m or £600m as all passengers are covered by ATOL
I think there's "only" 16m in the atol funds and the government has to stump up the rest. But still don't trust the claims it's cheaper long term to bail them out. Don't know enough about it really thought.
Terrible for the high street of they disappear and for competitive pricing. I feel really sorry for the employees and those booked with this uncertainty.
Direct competition with Tui
I don't understand why these huge holiday companies operate to the bottom line all the time. How can you run out of money so quick, do they not ensure they have enough reserve ? Is it greed in offering too many holidays that they can't fulfil? This seems to happen every year.
If this is the end of TC then it doesn't look good for competitive pricing in future.
Who's left now TUI, Jet2, James Villas and Eurocamp?
We could see Mr and Mrs Average of the UK priced out of abroad holidays completely. It's sad times for the younger generation all round, it's not just holidays, those coming up now can't move out and drive at the same time until 25+, will struggle to own property and equally struggle to pay unregulated rents.
And poor TC employees, I'm sorry for them..imagine just going to work and then, being out of a job before your shift has finished.
On a personal level I've had a fantastic TC holiday this year and I'm feeling very grateful to have had a lovely time and made it home on schedule.
I don't know enough about the financial side to comment on why it's gone so wrong, but it's sad.
Who's left now TUI, Jet2, James Villas and Eurocamp?
We could see Mr and Mrs Average of the UK priced out of abroad holidays completely. It's sad times for the younger generation all round, it's not just holidays, those coming up now can't move out and drive at the same time until 25+, will struggle to own property and equally struggle to pay unregulated rents.
And poor TC employees, I'm sorry for them..imagine just going to work and then, being out of a job before your shift has finished.
On a personal level I've had a fantastic TC holiday this year and I'm feeling very grateful to have had a lovely time and made it home on schedule.
I don't know enough about the financial side to comment on why it's gone so wrong, but it's sad.
If you are going to make this sort of argument, then you must deal also with the Banking crisis of 2008, where British banks and former building societies which had become quasi banks, were effectively nationalised and bailed out by the government of the day.
If we took your reasoning, then many of those banks would have been hung out to dry, with Heaven only knows what consequences for the economy and jobs and social order. As it was, the government poured in large amounts of capital and permitted quantitive easing ( graduated Inflation in your terms and mine). The banks were saved. despite the fact that their Directors and employees had behaved irresponsibly, awarding themselves huge bonii on the back of utterly irresponsible lending decisions. Really bad examples include the RBS/Nat West group.
So now we have Thos Cook. The travel agency business has been palpably hurt by online bookings for years. If this company goes down the pan, then at the very least there will have to be a taxpayer funded bailout to get the people home. If however, the company is given a limited bailout, then it can reduce in size, and either sell off, or eventually collapse at a much lower level of intensity.
Here is a list of former nationalised industries of the UK. Under the Thatcher government of the 1980s: many of these were privatised,., including British Ariways. Some had been nationalised under Attlee e.g. coal, rail, utilities. Some had been already nationalised from the start e.g.Post Office/telephones; and critically, some had been taken into nationalisation to save jobs and the industry e.g. British Airways; Rolls Royce; Jaguar; British Leyland
So set against the 2008 bail out of the banks, which are now mostly restored to private ownership (apart from Nat West), I cannot see why Thos Cook holidaymakers and jobs should not be saved at this stage.
Last, please review the situation of British Steel in Scunthorpe, which the Tories are ignoring. This is considered to be a strategic industry. It is proposed that it be bought by a Turkish Army pension fund Is this the depths to which Tories stoop in order to follow a free market philosophy?
Strewth!
I'm not going to lie.. I didn't realize people still book through travel agents. We are late 20s and mid 30s and when we book vacation, we book flights and hotels ourselves.
We are in Canada now but even in Europe we just did it ourselves.
We are in Canada now but even in Europe we just did it ourselves.
Once businesses work to undercut each other on price, it is simply a race down into the vortex. UK Competition Law introduced by Thatcher just requires competition. It does not care whether quality standards are lowered: it simply demands that you compete. Inevitably ans inexorably, this leads to the survival of the fittest (sic) and only a few (if that manyy) are left standing: at that point, monopolies emerge, and once you have something approaching a monopoly, you can fix your price to your hearts content ( because there is no competition left to undercut you)
And many do. But many lack the confidence to do so - I hesitate to suggest that they may be of Brexiteer mentality, but that is where I wquld place my bet
I book packages still but only after checking out the price of doing it directly. This year my holiday was several hundred pounds cheaper than diy via Jet2 plus there’s the extra protection of ABTA/ATOL (not all Flight only bookings are covered by ATOL) and a Rep who we actually did need for assistance when we were away and she was an absolute lifesaver.
I’m very strongly a remainer.
But I don’t think your opinion on brexit affects whether you book a package holiday, and I’m not sure it’s a confidence thing either. It can be cheaper, and there are hotels you can only book through travel agents. We book cruises through a travel agent because it costs the same as booking direct but the nice human being in the shop will deal with any changes or problems rather than having to wait hours on the phone to talk to someone over a bad line. If you’re booking as a group it can be a lot easier to have one all in price for people rather than lots of separate charges to admin. And some people (busy lives, kiddies) just don’t enjoy doing the research and would rather the travel agent did it for them.
Lots of reasons to use a travel agent regardless of whether you want to remain in the European Union or not
Comparing it to companies that are vital for infrastructure, security and business isn't the best match.
It's an outdated business model and has had ample time to modernise but hasn't.
A fair comparison I think is Woolworths, it was just outdated and poorly run. Online and Wilko took its market.
No I don't think the banks should have been bailed either in the way they were in the uk, but that's another post.
This 200m bailout would just be the first. Better to let it go imo, all people on holiday will get flown back regardless of if it's package protected under atol or not.
I totally agree with what you are saying about millennials, they have been totally screwed over and many still don't realise just how bleak their future will be.
But for holidays I don't think this will really affect them, the idea of going to somewhere on the highstreet and booking a holiday with a person on a computer is totally alien to almost everyone under 30. The package holiday won't be going anywhere, the only long term change is it won't exist on the high street imo.
Remarkable. Can you fill in on the comparative prices, please?
For myself, I can only say that if I research flights and hotels for myself, that I never feel i am out of pocket compared to a package,, but then I have no desire to travel to Magaluf (at least, in season) nor Aya Napa, nor Ibiza,
Cruises!
I daresay there should be a separate thread for this subject?
What does a cruiser enjoy exactly about another country;s culture? A quick dip of the toe in the water at the shallow end of the pool before moving quickly on? Outbreaks of norovirus? Overcharged 'excursions' which you could manage by yourself via a taxi at a cheaper price?
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Just because you’ve not doesn’t mean others haven’t
Trust me, like for like booking separate for the holiday in August at the time I booked (10 months in advance) was dearer once baggage, transfers, the same flights and hotel were taken into consideration. And no, I didn’t travel to one of those “hell holes” (snobby much!) quoted.