A Unite video explaining BA’s finances ‘demolishes’ the airline’s claim that it must fire its workforce and rehire those that survive on inferior contracts.
The in-depth analysis of British Airways’ financial position reveals the true extent of BA’s plan to use the health crisis as cover to slash jobs, pay and conditions in order to transfer ever greater sums of money to its Spanish parent company IAG and its shareholders.
The union will be meeting IAG financial analysts in the coming days to explain why IAG can afford to see out this crisis without such drastic cuts.
Quite incredibly, while the airline is claiming poverty, its parent company IAG is ploughing ahead with the purchase of the airline Air Europa, for over 1 billion euros.
Unite executive officer Sharon Graham said: “British Airways is claiming to be in financial difficulties while its parent company IAG is still planning to spend close to one billion euros to buy Air Europa. Workers in Britain who made two thirds of IAG’s profits are being sacrificed for the benefit of shareholders.
“BA is using the health crisis to axe workers’ jobs, pay and conditions. We have asked BA repeatedly to remove the dismissal notices. No other company is firing and rehiring its workforce in this way.
“Our analysis of BA’s finances show why British Airways and its owners IAG can afford to see out this crisis without such drastic cuts. This is a company with a lot of cash, strong assets and sustainable debt. There can be little doubt that BA is viable. The company controls some of the most profitable routes in the world and is backed by the Qatar Royal Family.”