WeWork is no more than an overhyped and overstretched landlord

Long ago in my investment banking days I had a glimpse into the mind of the British Airways long-haul pilot. Chatting to an attendant on a flight from London to Delhi, I let slip what I did for a living. ‘The captain would like a word,’ she whispered a few minutes later. Up in the cockpit I found the pilot and co-pilot, feet up as the plane flew itself towards the lightning-lit Himalayan horizon, deep in discussion of their portfolios. ‘Heard we had an expert on board. Which way’s this stock market going, then?’

Those flying fat cats must now be comfortably retired on the final-salary pensions BA no longer offers their successors — who have been striking this week in pursuit of more than a current pay offer of an 11.5 per cent rise over three years. In particular, pilots want a share of BA profits which hit £2 billion in 2018 — pointing out that in 2009, when the airline lost £230 million, they accepted a 3 per cent pay cut in exchange for future awards of BA stock.