£16 million for MG Rover investigation and no prosecutions
The BBC is today reporting that the MG Rover investigation, which reviewed the activities of the so-called Phoenix Four, will allege that around £42 million was taken from the business by the firm's executives although ultimately no laws were broken. This report has taken over four years to produce and even now, despite no apparent reason for it to be withheld, it has not been released into the public domain.
While the report centres upon the management of MG Rover it also carries significant political ammunition because the government stepped in with a significant cash bailout for the business just prior to the last general election. Many people believe that the UK government is withholding the report for the time being purely and simply so as not to rock the boat as we approach the next general election. It is widely known that there were significant Labour voters in the region and the government was obviously eager to "look after" the region's workforce.
The fact that the report has taken £16 million of taxpayer's money is also another sore point and one which is sure to attract the fury of UK taxpayers up and down the country.
Share this..
Related stories
25,000 job losses in one week
In total last week saw a massive 25,000 people placed on the unemployment list as companies around the UK continue to cut down on their operating costs. Unemployment is fast approaching the 2 million mark and is expected to move nearer 3 million in 2009. If this is the case then the 25,000 redundancy week we saw last week could well be the tip of a very very large iceberg.
There is...
Could UK base rates rise significantly in the medium term?
A member of the Bank of England MPC committee has gone on record as suggesting UK base rates could rise rapidly as and when the UK economy begins to recover. There are serious concerns regarding the potential damage which inflation could inflict upon the UK economy if it is left unchecked as the economy starts to turn round in the future. Kate Barker, the MPC member in question, believes that UK b...
Read MoreBank Of England hold UK base rates
As expected, the Bank of England MPC committee has today confirmed that UK base rates will remain on hold for the sixth consecutive month. This came as no surprise to the UK market, with many expecting the move, although there was a small surprise with regards to the quantitative easing program which has been ongoing for some time.
Many had expected the Bank of England to put on hol...
Short-term dip in UK housing market
Figures from UK Land Registry are disappointing on the face of it with a 0.1% reduction in UK property prices between July and August. However, when you consider the traditional summer lull which occurs nearly every year, the situation is perhaps nowhere near as bad as some people would have you believe. The average price of a property in England and Wales is now £155,968 and thankfully the annua...
Read MoreAnother day another U-turn on bank bonuses!
Despite the fact that the UK government has continued to attack the UK financial sector with salaries and bonuses in particular coming under significant pressure, Lord Mandelson has today signalled a possible U-turn by the authorities. Yesterday we saw Royal Bank of Scotland directors suggest that if the government rejected a potential £1.5 billion bonus pot for the current year then the director...
Read More