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MG Rover fund still has £50m

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19/12/2006

The fund set up by the Government as a UK investment to help MG Rover workers after the collapse of the company last year still has £50m in it, according to industry minister Margaret Hodge.

The Government earmarked £175.6m to the fund to help ex-workers, staff at supply companies and other people affected by the bankruptcy of the Birmingham-based carmaker. Around 5,000 jobs were lost as the UK investment ploughed into the company failed to revive its fortunes.

Hodge said in a written Commons answer: “In the event, the impact on MG Rover’s suppliers and their workforce was not as severe as had been feared and the full amount set aside as a saving and investment for affected people, was not required.

“The total amount that is now budgeted to be spent is £126.5m. This breaks down as £55m to employees in redundancy and pay in lieu of notice,” she said.

“A total of £33.1m went to suppliers, £25m to companies threatened with insolvency, £4.9m on training and £4m to regional innovation and technology programmes. This was seen as the best investment for these funds.”

Hodge added that the ongoing investigation into the collapse of MG Rover had cost £7m so far.

 

 

 

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