This is a common question at the moment. Asked very politely and warrants a more detailed explanation. Why should football clubs get financial support? https://twitter.com/somefilmstudies/status/1246761563694018563
The government has a £330bn coronavirus support scheme, which has one overriding purpose -- to pump cash into the economy so we can get through the crash and bounce back quickly once the pandemic fades
The government is pumping money directly into businesses through the CBILS scheme, and also increasing the social security net so companies can put staff on furlough to save cash in short-term. This preserves employment as it means companies aren't at square one when it's over.
This crash is going to kill many businesses, even without this support. But the key is that normally profitable businesses can survive and bounce back quickly.
In the last year, Spurs paid £18.8m in corporation tax. In the past five years, it's paid around £68m in corporation tax. Corporation tax is paid on profits -- if businesses succeed, the government generates income to pay for services
Spurs is also a job creator. It employed 561 people in 2019, up from 484 in the previous year. Employers pay a National Insurance (social security) contribution for all staff -- for Spurs it was £21.6m in 2019, per latest accounts
These employees also pay income tax. Spurs paid £156m in wages in 2019 -- if everyone was on the top rate (they won't be, but the bulk of the club's wages will be at that rate) that's £70m in income tax.
Then there's all the other taxes footballers pay -- stamp duty on the mansions, fuel duty for the Bentley, VAT on the Gucci handbags. Plus local business rates and council tax. Sure it feels a bit gauche, but it's a lot of money coming into the government coffers.
North Middlesex Hospital Trust spent £316m last year on providing healthcare to the local area. Its expenditure will be higher now, undoubtedly, due to the pandemic.
If Spurs goes bust, that's £100m plus in lost tax revenue a year. That's a lot of nurses. The total NHS budget is £140.4bn per year (!) -- it needs a LOT of successful businesses like Spurs to keep it funded and to keep us alive.
"Why doesn't Uncle Joe pay" -- he owns a whole series of businesses all of which must stand on their own two feet. He's not running a charity, he's not a sugar daddy -- he's an investor and nothing more. His businesses play by their local rules.
If it makes people feel better, you can bet Uncle Joe -- with investments in property, sports, leisure, and retail amongst other things -- has taken an absolute kicking, worth-wise, in the past month. Just wait for next year's Spurs valuation...
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