Articles about ‘Motor industry’
April 2015 will mark ten years since the collapse of MG Rover in Longbridge. I know people around here will never forget it. When the company closed in 2005 six thousand people lost their jobs and were left utterly exposed. But the impact went beyond those workers – the collapse affected whole families, and the community that MGR had been at the heart of for a century.
This week I secured a Westminster Hall debate on the collapse of MG Rover which you can read here. I not only wanted to talk about the profound impact it had on our local area, but on the wider region and for the Government’s policy on corporate governance, pensions and employment law too.
In addition to granting us some beautiful weather, Summer 2013 has also shone a light on one of the brightest industries our country has to offer – motor. On 12 July 2013 ‘Driving Success’, the first ever comprehensive industrial strategy for UK automotive, was launched by Government and leading industry bodies.
Read my thoughts on the strategy in a new blog for Motortrades Insight here.
Latest arguments about what happened at MG Rover in 2005 must not obscure what was important then, and what is important now
The accountants Deloitte have lost an appeal over a regulatory ruling that it failed to manage conflicts of interest in its advice to the MG Rover Group and the “Phoenix Four” directors, who bought the UK carmaker before it collapsed in 2005.
It is highly concerning that the Tribunal found Deloitte and Mr Einollahi, the partner involved, to have demonstrated “a persistent and deliberate disregard of the fundamental principles” of the Institute of Chartered Accountants in England and Wales (ICAEW) – falling far short of the standards expected. Deloitte have written to me expressing their disappointment at the outcome of the appeal, and telling me that the implications for public interest go well beyond the case of MG Rover. The full Tribunal decision has not been published yet so I cannot comment fully on the ruling at this stage.
Just two weeks ago, the world’s fiercest and fastest racing drivers returned to Silverstone for what turned out to be a thrilling British Grand Prix. While our exceptional British drivers have had mixed fortunes on the track this season, for me the return of Formula One to our shores is always an ideal opportunity to recognise British success in automotive more widely. Read more