1 00:00:00,120 --> 00:00:03,040 Speaker 1: I'm joined by Shy Weiss. He is the CEO of 2 00:00:03,400 --> 00:00:09,119 Speaker 1: Virgin Atlantic. Virgin Atlantic this year celebrating forty years in business. 3 00:00:09,360 --> 00:00:10,120 Speaker 1: Shi go to see. 4 00:00:10,680 --> 00:00:11,360 Speaker 2: Nice to be here. 5 00:00:11,640 --> 00:00:13,200 Speaker 1: So forty year is what's next? 6 00:00:14,120 --> 00:00:16,200 Speaker 2: Another forty years? First of all, so you know, it's 7 00:00:16,440 --> 00:00:20,560 Speaker 2: delightful to celebrate our fortieth anniversary June twenty second, nineteen 8 00:00:20,600 --> 00:00:25,400 Speaker 2: eighty four flight from Gatwick into Newark Airport. And you know, 9 00:00:25,440 --> 00:00:27,560 Speaker 2: the thing that sets us apart has always been the 10 00:00:27,600 --> 00:00:30,960 Speaker 2: red thread, our people, the magic that we make happen 11 00:00:31,040 --> 00:00:33,400 Speaker 2: every single flight. Yeah, so we're delighted to be here. 12 00:00:33,400 --> 00:00:35,600 Speaker 2: In the future, well, the future is bright. We have 13 00:00:35,640 --> 00:00:37,520 Speaker 2: a very clear mission to be the most love travel 14 00:00:37,560 --> 00:00:40,599 Speaker 2: company and become sustainably profitable and we are very much 15 00:00:40,640 --> 00:00:41,720 Speaker 2: on course to achieving. 16 00:00:41,400 --> 00:00:44,280 Speaker 1: Those Okay, we'll pick up on the profitability story. Interesting moments. 17 00:00:44,680 --> 00:00:46,239 Speaker 1: So in terms of new roots, in terms of what 18 00:00:46,280 --> 00:00:48,200 Speaker 1: you're doing with the airline this year, what are the plans. 19 00:00:48,400 --> 00:00:51,800 Speaker 2: Yeah, so today we're announcing actually three new partnerships. We're 20 00:00:52,200 --> 00:00:55,920 Speaker 2: announcing a co chair with elaal and two of our 21 00:00:55,960 --> 00:00:59,360 Speaker 2: sky Team partners, Soudia and SAS. And we're also announcing 22 00:00:59,360 --> 00:01:02,000 Speaker 2: that we're turning to Aviv on September the fifth, so, 23 00:01:02,760 --> 00:01:06,319 Speaker 2: you know, increasing connectivity to our partners in sky Team 24 00:01:06,400 --> 00:01:09,119 Speaker 2: and providing our customers were more choice and actually people 25 00:01:09,280 --> 00:01:10,800 Speaker 2: coming into London and flying beyond. 26 00:01:11,120 --> 00:01:13,480 Speaker 1: How easy was it to make the decision to return 27 00:01:13,520 --> 00:01:14,040 Speaker 1: to Tel Aviv? 28 00:01:15,080 --> 00:01:19,040 Speaker 2: You know, we we were the last carry to actually 29 00:01:19,040 --> 00:01:21,720 Speaker 2: fly into Tel Aviv out of the UK, So the 30 00:01:21,760 --> 00:01:24,280 Speaker 2: decision was made a few months ago. I think September 31 00:01:24,319 --> 00:01:27,400 Speaker 2: is the right time to do it, and it's all 32 00:01:27,440 --> 00:01:29,680 Speaker 2: about the first of all demand, but of course the 33 00:01:30,120 --> 00:01:33,360 Speaker 2: feeling that our people should be comfortable flying there, because 34 00:01:33,400 --> 00:01:35,640 Speaker 2: our people stay overnight in Tel Aviv and we want 35 00:01:35,680 --> 00:01:37,679 Speaker 2: them to be comfortable doing their jobs, and I think 36 00:01:37,680 --> 00:01:38,840 Speaker 2: September is the right time for that. 37 00:01:39,200 --> 00:01:41,039 Speaker 1: This isn't based on progress of the peace deale. This 38 00:01:41,120 --> 00:01:43,280 Speaker 1: is a price based on what is happening with the 39 00:01:43,280 --> 00:01:46,480 Speaker 1: geopolitical story. It's just based on a demand story and 40 00:01:46,600 --> 00:01:48,320 Speaker 1: the certainty that you have the your people will be 41 00:01:48,320 --> 00:01:48,800 Speaker 1: saying yes. 42 00:01:48,880 --> 00:01:51,320 Speaker 2: And of course the Delta is flying this week to 43 00:01:51,840 --> 00:01:53,920 Speaker 2: Tel Aviv. I think United is coming after them, So 44 00:01:53,920 --> 00:01:56,880 Speaker 2: I think there is a sense that you know, the 45 00:01:56,920 --> 00:01:59,120 Speaker 2: carriers are seeing that things have stabilized, and of course 46 00:01:59,120 --> 00:02:02,440 Speaker 2: with Biden's announced and hopefully the parties can find a 47 00:02:02,480 --> 00:02:06,880 Speaker 2: way to accept his proposal and get much needed stability 48 00:02:06,880 --> 00:02:08,320 Speaker 2: in peace for everyone in the Middle East. 49 00:02:08,360 --> 00:02:10,440 Speaker 1: Interestingly that you've got almost on the same piece of 50 00:02:10,480 --> 00:02:14,120 Speaker 1: paper a coach there with Sadia and a return to Israel. Yes. 51 00:02:14,160 --> 00:02:17,120 Speaker 2: And the beautiful thing about it is we've added sas 52 00:02:17,280 --> 00:02:20,200 Speaker 2: so kind of our Scandinavians in the Middle to show 53 00:02:20,240 --> 00:02:23,400 Speaker 2: that Virgin Plant of course does business with everyone wherever 54 00:02:23,400 --> 00:02:25,760 Speaker 2: there is demand, and it's our partners. We are happy 55 00:02:25,800 --> 00:02:28,400 Speaker 2: to provide it. But it's a three way announcement today. 56 00:02:28,400 --> 00:02:31,240 Speaker 2: We could have done it individually. But actually all this, 57 00:02:31,720 --> 00:02:34,840 Speaker 2: all these conversations started a year ago here in AATA. 58 00:02:34,800 --> 00:02:38,440 Speaker 2: It's nice to see progress a year on. This's talk 59 00:02:38,480 --> 00:02:39,200 Speaker 2: about politics. 60 00:02:40,240 --> 00:02:44,040 Speaker 1: British election coming out and it looks as if we're 61 00:02:44,040 --> 00:02:45,919 Speaker 1: going to see a change in a change in government. 62 00:02:46,760 --> 00:02:49,840 Speaker 1: What do you want to see from that next administration 63 00:02:50,080 --> 00:02:51,919 Speaker 1: in ten Downing Streets. It looks like it's going to 64 00:02:51,919 --> 00:02:53,600 Speaker 1: be the labor policy, That's what the polling is suggesting 65 00:02:53,639 --> 00:02:56,760 Speaker 1: at the moment. What's the message, What does the aviation sector, 66 00:02:56,800 --> 00:02:59,800 Speaker 1: what does Virgin Atlantic need to see from that next element? 67 00:02:59,840 --> 00:03:02,160 Speaker 2: We've been very very clear, and it's really not about 68 00:03:02,160 --> 00:03:05,240 Speaker 2: who wins the elections. It's about a new sense of 69 00:03:05,320 --> 00:03:08,160 Speaker 2: pride in aviation in the United Kingdom. There's some amazing 70 00:03:08,200 --> 00:03:11,160 Speaker 2: companies in the United Kingdom, but I think you know, 71 00:03:11,840 --> 00:03:15,440 Speaker 2: the need to tax aviation companies with very thin margins, 72 00:03:15,880 --> 00:03:18,800 Speaker 2: the fact that there is a lot of policies and sustainability, 73 00:03:19,520 --> 00:03:22,520 Speaker 2: and the fact that we don't recognize that as an 74 00:03:22,600 --> 00:03:25,880 Speaker 2: island nation, we really need a thriving aviation industry. So 75 00:03:25,919 --> 00:03:29,200 Speaker 2: what I'm looking for from the government is leadership and 76 00:03:29,400 --> 00:03:33,680 Speaker 2: understanding that aviation is the friend of the UK public 77 00:03:33,720 --> 00:03:35,920 Speaker 2: and the friend of government. You know, we needed for trade, 78 00:03:36,000 --> 00:03:39,280 Speaker 2: for of course, connecting families and loved ones, for tourism, 79 00:03:40,200 --> 00:03:44,040 Speaker 2: and a strong aviation a strong virgin Atlantic can only 80 00:03:44,120 --> 00:03:47,520 Speaker 2: be achieved if there is support for that from government. 81 00:03:47,800 --> 00:03:49,520 Speaker 1: One of the key things that obviously you've been talking 82 00:03:49,560 --> 00:03:51,280 Speaker 1: about a lots over the last few years has been 83 00:03:51,280 --> 00:03:53,000 Speaker 1: what has been happening at Heathrow, British Head, which has 84 00:03:53,040 --> 00:03:55,680 Speaker 1: been having the same conversation. There's a sense that maybe 85 00:03:55,720 --> 00:03:58,960 Speaker 1: the customers, ie the airlines have not been getting a 86 00:03:59,040 --> 00:04:02,560 Speaker 1: fair of the web in terms of the money that 87 00:04:02,640 --> 00:04:04,600 Speaker 1: is having to be paid in order to make that 88 00:04:05,000 --> 00:04:07,320 Speaker 1: make that that airport work. Now there's been some changes, 89 00:04:07,760 --> 00:04:09,600 Speaker 1: do the changes go far enough? What do you want 90 00:04:09,640 --> 00:04:11,920 Speaker 1: to would you like to see? Would you suggest the 91 00:04:11,960 --> 00:04:13,800 Speaker 1: next government do we see changes that Heathrow? 92 00:04:13,880 --> 00:04:15,640 Speaker 2: Well, first of all, it's very opportune time. We have 93 00:04:15,720 --> 00:04:20,480 Speaker 2: a new leadership at Heathrow, we have potentially new government 94 00:04:20,560 --> 00:04:26,040 Speaker 2: coming in and potentially new ownership of Heathrow, and there 95 00:04:26,080 --> 00:04:28,200 Speaker 2: is no doubt in my mind that we need to 96 00:04:28,200 --> 00:04:30,080 Speaker 2: see change in heath Throw. The service is simply not 97 00:04:30,120 --> 00:04:32,440 Speaker 2: good enough for the most expensive airport in the world. 98 00:04:32,920 --> 00:04:35,679 Speaker 2: It's the most busiest airport in Europe, it's the fourth 99 00:04:35,720 --> 00:04:38,719 Speaker 2: busiest in the world. And when you're here in Dubai 100 00:04:38,800 --> 00:04:40,279 Speaker 2: and Abu Dhabi and you can see what can be 101 00:04:40,320 --> 00:04:43,640 Speaker 2: done with fantastic infrastructure, we need to see better on 102 00:04:43,720 --> 00:04:44,640 Speaker 2: behalf of our customers. 103 00:04:44,760 --> 00:04:46,120 Speaker 1: It looks like what does that actually what would you 104 00:04:46,200 --> 00:04:47,800 Speaker 1: like to see the model being I'd like. 105 00:04:47,760 --> 00:04:51,960 Speaker 2: To see a more efficient, a cleaner of course, but 106 00:04:52,000 --> 00:04:54,360 Speaker 2: does the current so does the current ownership structure work? 107 00:04:54,960 --> 00:04:57,000 Speaker 1: Would would there be a better model? It would work? 108 00:04:57,120 --> 00:04:59,839 Speaker 2: I think if we have the opportunity to actually participate 109 00:04:59,880 --> 00:05:01,839 Speaker 2: in and ownership and running of the terminal. We would 110 00:05:01,960 --> 00:05:03,800 Speaker 2: be a fart. We would do a far better job. 111 00:05:03,839 --> 00:05:05,119 Speaker 1: He throw up into separate terminal. 112 00:05:05,200 --> 00:05:07,120 Speaker 2: That's one of the options are There are many options 113 00:05:07,160 --> 00:05:09,480 Speaker 2: to consider, but first let's not forget he Throw is 114 00:05:09,480 --> 00:05:13,840 Speaker 2: a regulated asset base, just like Thame's water. So there 115 00:05:13,920 --> 00:05:16,000 Speaker 2: is a reason why they are regulated because you know, 116 00:05:16,040 --> 00:05:18,799 Speaker 2: there is only one true hub in the United Kingdom. 117 00:05:18,839 --> 00:05:21,680 Speaker 2: It happens to be Heathrow. When you tend to be 118 00:05:21,800 --> 00:05:24,440 Speaker 2: a dominant player or a monopoly player, you tend to 119 00:05:24,480 --> 00:05:26,599 Speaker 2: be complacent. And I would think that it was free 120 00:05:26,640 --> 00:05:30,599 Speaker 2: competition at he Throw, or more sense of competition at Heathrow, 121 00:05:30,920 --> 00:05:34,320 Speaker 2: the service that consumers would get would be far improved 122 00:05:34,320 --> 00:05:35,600 Speaker 2: and airlines could do a better job. 123 00:05:35,640 --> 00:05:37,520 Speaker 1: You don't think the Thames water example is that actually 124 00:05:37,520 --> 00:05:38,560 Speaker 1: competition doesn't work. 125 00:05:40,040 --> 00:05:43,960 Speaker 2: No, I think what I actually think is that just 126 00:05:44,000 --> 00:05:48,719 Speaker 2: burdening stuff with that, not thinking about, not thinking about 127 00:05:48,760 --> 00:05:51,719 Speaker 2: the consumers. That at the end of the of the game, 128 00:05:52,160 --> 00:05:53,960 Speaker 2: that's where things start to fail. And I think there's 129 00:05:54,040 --> 00:05:57,599 Speaker 2: different models. Of course water is not exactly airports, but 130 00:05:57,839 --> 00:05:59,960 Speaker 2: the pillars are clear and the comment is fair. 131 00:06:00,000 --> 00:06:04,160 Speaker 1: Talk about you talk about Heathrow. Gatwick used to be there. 132 00:06:04,440 --> 00:06:06,560 Speaker 1: We used to be there, and I hear that you'd 133 00:06:06,600 --> 00:06:07,240 Speaker 1: be welcome back. 134 00:06:07,680 --> 00:06:09,800 Speaker 2: That's what I hear, and we always like to be 135 00:06:09,960 --> 00:06:12,960 Speaker 2: welcome back. It's forty years for the first flight from 136 00:06:13,040 --> 00:06:16,880 Speaker 2: from Gatwick and my answer is a very clear one. 137 00:06:16,960 --> 00:06:19,279 Speaker 2: Never say never. You know, there is the historic home 138 00:06:19,320 --> 00:06:23,560 Speaker 2: of Virgin Atlantic. There are constraints that Heathrow in terms 139 00:06:23,560 --> 00:06:26,120 Speaker 2: of the ability to grow. Never say never to. 140 00:06:26,120 --> 00:06:29,479 Speaker 1: Think a Trump presidency would make a transatlantic airlines life 141 00:06:29,480 --> 00:06:30,039 Speaker 1: more difficult. 142 00:06:30,120 --> 00:06:32,640 Speaker 2: The good news is I don't have to vote, and 143 00:06:32,839 --> 00:06:35,600 Speaker 2: neither is anybody in the UK. But we do know that. 144 00:06:35,640 --> 00:06:38,279 Speaker 2: Of course, there is a special relationship between the UK 145 00:06:38,600 --> 00:06:41,360 Speaker 2: and the US, so whoever wins the elections, I'm sure 146 00:06:41,400 --> 00:06:43,400 Speaker 2: will recognize the need to establish it. 147 00:06:43,560 --> 00:06:45,880 Speaker 1: It feels like we're heading into a more fragmented world 148 00:06:46,000 --> 00:06:50,880 Speaker 1: and the less fragmented world has suited big international airllies. 149 00:06:51,440 --> 00:06:54,440 Speaker 1: A more fragmented, fragmented world, in theory, would be the 150 00:06:54,480 --> 00:06:56,279 Speaker 1: exact opposite. Is that a fair conclusion. 151 00:06:56,400 --> 00:07:01,239 Speaker 2: Well, you know, a unified I think in a global 152 00:07:01,279 --> 00:07:03,800 Speaker 2: world is better for airlines, of course, because airlines are 153 00:07:03,880 --> 00:07:06,000 Speaker 2: necessary in that type of an environment. There are more 154 00:07:06,040 --> 00:07:08,120 Speaker 2: isolationist world is not where we play in it. There 155 00:07:08,120 --> 00:07:11,600 Speaker 2: are one point four billion people voting this year. Of course, 156 00:07:11,640 --> 00:07:14,280 Speaker 2: we're just about to finish the Indian elections, US, the 157 00:07:14,400 --> 00:07:19,560 Speaker 2: UK and elsewhere. We're just see Mexico. So I would 158 00:07:19,600 --> 00:07:22,400 Speaker 2: like to think that the people understand, the people who 159 00:07:22,440 --> 00:07:26,120 Speaker 2: are voting understand that stability is good, that cooperation is good. 160 00:07:26,400 --> 00:07:28,960 Speaker 2: It does feel a bit more fragmented, but you know, 161 00:07:29,000 --> 00:07:31,200 Speaker 2: airlines don't run things for one year or two. That 162 00:07:31,280 --> 00:07:35,080 Speaker 2: we run things into a very long future. Looking ahead, 163 00:07:35,720 --> 00:07:38,720 Speaker 2: I'm pretty confident that the US will lead the way 164 00:07:39,280 --> 00:07:41,280 Speaker 2: in creating an environment. 165 00:07:40,840 --> 00:07:43,680 Speaker 1: That is inclusive. Congratulations on the forty yes credit see 166 00:07:43,760 --> 00:07:45,440 Speaker 1: thank you, thanks so much. Still about to say