MG Rover inquiry finally finished after four years and £16 million

Jun 28 2009 by Ben Goldby, Sunday Mercury

He said: “Like everybody else in the area I have found it incredibly frustrating that we have had to wait so long for this report.

“The escalating cost of the inquiry has also been a matter of real concern to so many people, including me.

“Hopefully the contents of the report will provide some answers to why it has cost so much and I certainly welcome the Government’s commitment to try to minimise the cost of any similar inquiries in the future.

“But the important thing now is to know what the report contains and I hope the Government will be able to make a statement on that as soon as possible.”

MG Rover collapsed with the loss of around 6,000 jobs in 2005.

Since the car-making giant folded, the cost to the taxpayer has soared to more than £500 million. Along with the £16 million cost of the inquiry, the final bill will include:

- A £467 million pension scheme deficit;

- A £90 million Treasury boost to help the West Midlands economy;

- A £5.2 million Department of Trade and Industry loan to MG Rover as the collapse loomed.