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£50m of Rover fund unused
19 December 2006
Up to £50m of the £175.6m set aside by the government for those affected by the demise of MG Rover has not been used, according to official estimates.
When Rover collapsed in April 2005, the government pledged money to help workers and suppliers, and to boost the local economies in the Birmingham area. Around £55m has been used as redundancy money, over £33m went to suppliers, £25m to companies threatened with insolvency, and £14m on training and regional technology programmes.
Industry minister Margaret Hodge said that the impact of the collapse had not been as significant as was expected. Either way, an investigation into MG Rover's collapse is still ongoing – and so far that has cost over £7m.
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