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Tesco....down The Pan ?
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These losses are astonishing...the largest in British retail history. I can't help feeling that some of this loss, at least, is down to stupidity and greed on Tesco's part.
Within a 10 miles radius of my home, there are at least 14 branches of Tesco, including 2 Mega stores, on of which is the size of a regional Airport.
Was it really feasible that so many stores could make money in such a small area ? We have all the other supermarkets as well, like ASDA, Morrisons, Sainsbury, Lidl, Aldi, Co-op. We just have too many ruddy supermarkets ! How many pints of milk and loaves of bread can we buy !
Given that Tesco is still being investigate by the Serious Fraud Office, how long will it be before Tesco collapses altogether ?
These losses are astonishing...the largest in British retail history. I can't help feeling that some of this loss, at least, is down to stupidity and greed on Tesco's part.
Within a 10 miles radius of my home, there are at least 14 branches of Tesco, including 2 Mega stores, on of which is the size of a regional Airport.
Was it really feasible that so many stores could make money in such a small area ? We have all the other supermarkets as well, like ASDA, Morrisons, Sainsbury, Lidl, Aldi, Co-op. We just have too many ruddy supermarkets ! How many pints of milk and loaves of bread can we buy !
Given that Tesco is still being investigate by the Serious Fraud Office, how long will it be before Tesco collapses altogether ?
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That definitely true, Mikey.
Unless you are in your 90s, in which case you might be tempted to stop there and buy a house.
If you are in Hove, you are probably lost. Happily, the instructions to save yourself are simple ...
(1) Walk towards the sea.
(2) When you come to the seafront, turn left, and keep walking until you come to Brighton. We will have a rescue party waiting with a pint of Harvey's ale, and some fish and chips.
Unless you are in your 90s, in which case you might be tempted to stop there and buy a house.
If you are in Hove, you are probably lost. Happily, the instructions to save yourself are simple ...
(1) Walk towards the sea.
(2) When you come to the seafront, turn left, and keep walking until you come to Brighton. We will have a rescue party waiting with a pint of Harvey's ale, and some fish and chips.
As others have pointed out, this is not a "real" loss, they still bring in millions of pounds a week.
Companies such as Tesco place a monetary value on all their stores and the land they hold. If the value of the stores and that land becomes worth less you have to write that loss off.
For example Tesco now estimate their stores are worth £3.8 billion less than they were. Of course their accounting people may have placed higher values on them to make the company look better.
So far better to write all your losses off in the same year to make sure you have one really bad year.
Then next year the NEW boss can announce a huge profit and he will look like a hero.
Companies such as Tesco place a monetary value on all their stores and the land they hold. If the value of the stores and that land becomes worth less you have to write that loss off.
For example Tesco now estimate their stores are worth £3.8 billion less than they were. Of course their accounting people may have placed higher values on them to make the company look better.
So far better to write all your losses off in the same year to make sure you have one really bad year.
Then next year the NEW boss can announce a huge profit and he will look like a hero.
"And we have to make up the tax shortfall. "
What tax shortfall, jj? There is no tax shortfall. There is only a shortfall when due tax has not been paid. But no tax is due.
Is the government presumptious enough to assume it knows what Tesco's profit will be and has earmarked for wasting (sorry, investing) the tax it thinks they ought to pay before they've got it? If so they should not be so presumptious and cut their cloth accordingly rather than expect "us" to make up what you describe as the shortfall.
What tax shortfall, jj? There is no tax shortfall. There is only a shortfall when due tax has not been paid. But no tax is due.
Is the government presumptious enough to assume it knows what Tesco's profit will be and has earmarked for wasting (sorry, investing) the tax it thinks they ought to pay before they've got it? If so they should not be so presumptious and cut their cloth accordingly rather than expect "us" to make up what you describe as the shortfall.
I realise that, NJ
But the Govt will have certain policy and expenditure objectives, and needs to work out how to finance them.
If the projected income does not meet the planned expenditure, then the Chancellor has to make it up from somewhere. And, hey ho, it's we plebs who have to stump up.
A few pence on fuel, income tax, or whatever.
Perhaps, during the property slump, we should all have been allowed to revalue our properties, to cancel out any tax.
If three quarters of the tax paying population paid no tax at all for a few years, because property values were falling and we had all devalued our one-property "portfolios", the Exchequer would soon rethink what was meant by a "shortfall".
I have a couple of properties in the town that I rent out. I'm starting to think that I probably paid over the odds for them and, when I revalue them, the decrease will be roughly equal to my tax bill. How handy is that! No more tax for meeeee! :o)
But the Govt will have certain policy and expenditure objectives, and needs to work out how to finance them.
If the projected income does not meet the planned expenditure, then the Chancellor has to make it up from somewhere. And, hey ho, it's we plebs who have to stump up.
A few pence on fuel, income tax, or whatever.
Perhaps, during the property slump, we should all have been allowed to revalue our properties, to cancel out any tax.
If three quarters of the tax paying population paid no tax at all for a few years, because property values were falling and we had all devalued our one-property "portfolios", the Exchequer would soon rethink what was meant by a "shortfall".
I have a couple of properties in the town that I rent out. I'm starting to think that I probably paid over the odds for them and, when I revalue them, the decrease will be roughly equal to my tax bill. How handy is that! No more tax for meeeee! :o)
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