According to a report published by the Commons public accounts committee, the collapse of MG Rover cost the taxpayer an estimated £270m. This is beleived to be the accumulative cost to the taxpayer of the slow demise of Longbridge from 2000, a demise which culminated in a £6.5m election bribe by the Government in 2005. However, it also looks increasingly likely that the taxpayer may have to foot the bill for the £500m blackhole in the companies pension fund as well.
How ironic that such announcement should be made just a week after Nanjing Automotive Corporation said that Longbridge is going to reopen. The only difference will be that all car parts will be made in China, and then shipped to Longbridge for putting together. The Government might like to themselves "New Labour" but keeping Longbridge afloat by throwing taxpayers money at it was a very "Old Labour" thing to do.
No doubt the day Longbridge reopens it will portrayed by Labour as a success, whilst the hundreds of lost millions are quietly forgotten.