Tuesday, July 25, 2006
MG Rover collapse cost £900m
The collapse of MG Rover has cost public and private enterprises nearly £900m, according to the Commons Public Accounts Committee.
The MP’s investigation found that taxpayers forked out £270m helping out the ailing company in the five years from 2000. Private companies lost £109m in unpaid bills and a pension deficit of £500m may have to be funded by the business-financed Pension Protection Fund.
The committee’s report praised local agencies in the West Midlands for helping sacked workers find alternative employment but said it found “serious gaps” in the way the Department of Trade and Industry handled the crisis.
DATED: 25.07.06
FEED: MT
The MP’s investigation found that taxpayers forked out £270m helping out the ailing company in the five years from 2000. Private companies lost £109m in unpaid bills and a pension deficit of £500m may have to be funded by the business-financed Pension Protection Fund.
The committee’s report praised local agencies in the West Midlands for helping sacked workers find alternative employment but said it found “serious gaps” in the way the Department of Trade and Industry handled the crisis.
DATED: 25.07.06
FEED: MT
