Virgin Atlantic boss warns slump in pound is hurting consumers

By Lisa James
27/09/2022
Home » Virgin Atlantic boss warns slump in pound is hurting consumers

Virgin Atlantic CEO Shai Weiss has said the UK Government should reconsider policies it announced last week, which have caused the pound to plunge.

New Chancellor Kwasi Kwarteng’s tax-cutting, high borrowing plan outlined in the ‘mini-Budget’ caused sterling to hit a record low.

Mr Weiss said the economic situation is ‘hurting consumers’ and the airline is concerned, although he believes Virgin’s bookings will hold up.

Speaking as Virgin announced it has joined the SkyTeam airline alliance, Mr Weiss said: “The weakness of the pound is hurting, not Virgin Atlantic, it’s hurting the economy and it’s hurting consumers because it’s actually fulfilling or fuelling the inflation vicious cycle that we’re in.

“We buy planes and fuel in dollars. Thankfully we took some very smart financial positions that will ease the burden of the decline in the pound over the next 12 months.”

The Evening Standard reports he urged Liz Truss: “Maybe you need to take a more difficult decision to reverse the declining pound and ensure that this country is not left with unsustainable perceived weakness in international markets, which of course then impact interest rates, impact consumers, impact mortgage rates, impact the entire economy.

“We are concerned. The fundamentals are strong, but we’re concerned of course like everyone else in this country with the economic environment in which we operate.”

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