Corporations Receiving Bailout Billions Have Laid Off Staff and Paid Investors
▻https://www.vice.com/en_us/article/m7jxvn/corporations-receiving-bailout-billions-have-laid-off-staff-and-paid-investors
VICE News has found that 30 percent (21) of the companies currently accessing emergency funds through this facility have paid out an estimated* total of £11.5 billion in dividends to shareholders and investors.
Of those, at least eight companies paid out dividends after receiving government money. Three more companies accessed government funds shortly before a dividend pay-out. A further ten companies paid out dividends and later claimed government support. In contrast, 21 companies receiving government funds through the CCFF have cancelled their dividend pay outs this year.
In total, 26 companies receiving financial assistance through the CCFF have cut jobs or announced plans to make lay-offs, totalling at least 42,848 UK jobs. Of the companies issuing dividends during this period, three have also announced redundancies totalling around 6,000 jobs.