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| Version 0 | Version 1 |
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| Branson opposes wider bail-outs | Branson opposes wider bail-outs |
| (40 minutes later) | |
| 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. | 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". | 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. | 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. | 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." | 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. | "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. | "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. | "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." | "I think they are doing the best to do that." |
| The government has pumped billions of pounds into failing UK banks. | 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. | 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 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." | "I think other companies need to stand on their own two feet, and the weak ones need to go to the wall." |
| US President Barack Obama had made a mistake by bailing out more than banks, Sir Richard said. | |
| He said that billions of dollars issued to US carmakers could have funded a revolution in the industry, setting up electric car producers. | |
| "If they are going to spend that sort of money, do it to try to tackle climate change and start afresh." | |
| F1 role | |
| Sir Richard also suggested Virgin could be interested in a role in Formula One motor racing. | |
| The UK-based Honda team, put up for sale in December, has said the Virgin Group is one of several potential buyers. | |
| "If we are in discussions I wouldn't be allowed to say it because there would be some kind of clause which would prohibit me talking about it," Sir Richard said. | |
| "I love Grand Prix," he added. | |
| "I think if Bernie Ecclestone can make it more cost-effective for the likes of Virgin brand to come into that sport, and if he can champion clean motor car racing - which is possible to do by making sure all the cars run on clean fuels - then at some stage we might be interested in getting involved." |