In a remarkably principled move, the Spectator is set to return the money it took from the Treasury in order to furlough staff across the peak of the shutdown. In a statement on the Spectator website, chairman Andrew Neil writes that thanks to strong subscription sales, “our magazines have weathered the Covid crisis better than we expected.” He goes on to say:

“we will return to the taxpayer the funds we took from government to finance our furlough scheme and withdraw from that scheme forthwith.”

Neil stresses that this move is “not to set an example for other companies to follow but because we can afford to do so… Many other companies will not be in the same fortunate position.” Guido hears The Telegraph are looking at making the same move…

UPDATE: For the record, none of Guido’s team were furloughed and advertising revenue falls were covered from reserves built up over a decade of profitability. Debt free and profitable, we expect to continue to grow in the future. Isn’t it noticeable that right-of-centre publications tend to make a commercial profit? Go woke, go broke…