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  • Insolvency review - Week 8

     

    RCM Weekly review - February 2019 - Week 8

     

     This week: Flybmi goes into administration with the loss of almost 400 jobs and Record UK government surplus of £14.9bn in January

    18th February 2019

     Flybmi goes into Administration

    Flybmi goes into administration with the loss of almost 400 jobs.

    Regional airline Flybmi cancelled all its flights and filed for administration, the airline announced stranding Hundreds of passengers after the airline cancelled all flights at the start of half-term.The East Midlands-based airline, which has 376 staff, operates 17 planes flying to 25 European cities.

    The company said it had been badly affected by rises in fuel and carbon costs and also blamed uncertainty over Brexit.  A Flybmi spokesman said: "The airline has faced several difficulties, including recent spikes in fuel and carbon costs, the latter arising from the EU's recent decision to exclude UK airlines from full participation in the Emissions Trading Scheme”

    https://www.theguardian.com/business/2019/feb/18/flybmi-appoints-bdo-as-administrators-after-ceasing-operations

    21st February 2019

     Bumper UK government surplus in January 2019

    Bumper UK government surplus in January

    The Office for National Statistics (ONS) have released Public sector finances, UK: January 2019

    Key points:

    Borrowing (public sector net borrowing excluding public sector banks) in January 2019 was in surplus by £14.9 billion, a £5.6 billion greater surplus than in January 2018; this was the largest January surplus on record (records began in 1993).

    Borrowing in the current financial year-to-date (April 2018 to January 2019) (YTD) was £21.2 billion, £18.5 billion less than in the same period last year; the lowest YTD for 17 years (since 2001).

    Borrowing in the current financial year-to-date

    https://www.ons.gov.uk/economy/governmentpublicsectorandtaxes/publicsectorfinance/bulletins/publicsectorfinances/january2019/pdf

     

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