Not just spin, this is dishonest.
A significant proportion of LFCs outgoings is of course player wages. Yet a significant proportion of those wages will be performance related. Appearances, trophies, goals, assists, etc. They are not going to be paying any of those any time soon, so their outgoings do not remain as they were, despite what Peter Moore said in their letter.
The saving they would have made by placing non playing staff on furlough is a tiny proportion of what they are saving by not paying their playing staff win bonuses, goal bonuses, appearance bonuses etc.
Ignoring that, and the basic fact that their profits make it clear they could have carried their non playing staff for ten years and barely made a dent in their profits, shows this exercise for what it was: a brazen attempt to gain financial benefit for themselves from the crisis that is affecting the entire country.