You are here: Home - Uncategorized -

MG Rover fund still has £50m

Written by:

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.





Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Long-term jobless face benefit axe

Work and Pensions secretary John Hutton is today announcing benefit cuts for the “hardcore” unemployed who make no contribution to...