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#335433 - 12th Jul 2009 1:41am Brown To Blame For MG-Rover Collapse
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
It took them 16 million and 4 years to find out what we already knew...

Originally Posted By: The Times
Gordon Brown was responsible for 'pulling the plug' on MG Rover, leading to the loss of 6,000 jobs, a report by the firm's former executives claims.

The dossier blames the Prime Minister and his former adviser Shriti Vadera for scuppering a rescue deal with the Chinese.

The allegations came as Lord Mandelson revealed a long-awaited 16million report into the collapse of MG rover could be published within weeks.

He said the Serious Fraud Office, which was called in to investigate the firm's demise in 2005, will reach a decision on whether to press criminal charges in 20 days...

<snip>

Quote:
But the firm collapsed shortly after when the Government refused to hand over a 120million short-term loan - a decision which led to the Chinese withdrawing from negotiations to buy the company.

It states bluntly: 'The directors firmly believe one vital fact - Prime Minster Tony Blair wanted to save MG Rover. It was then Chancellor Gordon Brown who pulled the plug acting on advice from his Special Adviser Shriti Vadera.

'As a result, MG Rover collapsed and the 6,000 jobs and thousands of supply chain jobs were lost.'

The report also claims that merchant Bank NM Rothschilds - acting for the main Chinese bidder Shanghai Automotive Industry Corporation - was 'uncomfortably close' to the UK Government and boasted of its links to ministers.

The Times

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#335437 - 12th Jul 2009 2:29am Re: Brown To Blame For MG-Rover Collapse [Re: MattLFC]
Sanchez Offline

Wiki Veteran

Registered: 17th Dec 2003
Posts: 8019
Loc: my house
why am i not suprised.
_________________________
Uncertainty or not knowing causes depression, Im happy because I know I'm going to die one day!

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#335439 - 12th Jul 2009 7:45am Re: Brown To Blame For MG-Rover Collapse [Re: Sanchez]
Vanquished Offline

Enthusiast

Registered: 22nd Mar 2009
Posts: 118
Loc: Northants but made in Birkenhe...
Same here.

I am in the motor industry and have recently dealt with 680 redundancies and probably more to come. It was announced in the board room that the government haven't helped any motoring bodies therefore a waste of time turning to them for help. somad



Edited by Vanquished (12th Jul 2009 7:45am)
_________________________
http://www.astonmartin.com/content/allsi...d271c779986.pdf


POWER BEAUTY SOUL

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#335537 - 12th Jul 2009 10:00pm Re: Brown To Blame For MG-Rover Collapse [Re: Vanquished]
jimbob Online   content

Forum Addict

Registered: 26th Nov 2008
Posts: 1550
Loc: Birkenhead
Well now you all know what was ment by NEW LABOUR when they got into power in 1997
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Ships that pass in the night, seldom seen and soon forgoten

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#335550 - 12th Jul 2009 10:52pm Re: Brown To Blame For MG-Rover Collapse [Re: jimbob]
DavidB Offline
Wiki Guide

Registered: 7th Dec 2003
Posts: 5608
Loc: Bebington, Wirral
Give a 120 million pound loan to a company whose destiny laid in China? You think Rovers and MG's would continue to have been manufactured in Longbridge in Chinese hands? I presume the Government had finally given up on BL after 30 years of constant fook ups.
_________________________
"C20 LET bang"

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#335552 - 12th Jul 2009 11:05pm Re: Brown To Blame For MG-Rover Collapse [Re: DavidB]
diggingdeeper Offline

Wiki Master

Registered: 9th Jul 2008
Posts: 10289
Loc: Birkenhead
If the chinese definately wanted it then they could have done the 120M bridging loan - looks like Gordan made the right call.
_________________________
In a time of universal deceit - telling the truth is a revolutionary act. George Orwell

When the debate is lost, slander becomes the tool of the loser. Socrates

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#335555 - 12th Jul 2009 11:36pm Re: Brown To Blame For MG-Rover Collapse [Re: diggingdeeper]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Actually yes, the Chinese had planned to keep building the TF, 25/ZR and the 75/ZT at Longbridge. Where the new model's (such as the RDX60, 35, eventual 45 replacement, 55 etc) would have been built is unclear of course so in the long term job losses may have occurred but it is likely any 75 and RDX60 derived models would have stayed at Longbridge for practical and economical reasons.

They would have also continued the development and manufacture of the Powertain engines such as the N-Series (EuroIV K-Series replacement), KV6 and G-Series (direct L-Series replacement and BMW M47R replacement for the 75/ZT) at Longbridge.

Funnily enough, SAIC actually do build the revised TF at Longbridge right now and still have most of the development team employed there. With the loss of the Rover brand and no other car's in the UK/EU market at present it's pointless them building current cars like the forthcoming N1, or current models such as the 750/7, 550/6 or the 3 in Longbridge when they are only going to sold in Asia and South America until next year when MG will make a return to Europe wuth Austin or similar following on in 2011 or 2012...

The chinese moved all but the TF tooling away from Longbridge after it became clear they had lost the Rover brand and there was no way for them to continue operations within the UK market. They had little alternative anyway because most of the Longbridge site had been sold off by the administrators and now have little chance of ever fully returning because a lot of the site has been re-developed since. It's taken SAIC/NAC so long to properly restart production over in China because they had neither the space, capacity or the expertise to instantly continue production out there - in fact they are still struggling and will probably continue to do so for some years yet!

They are planning to build the new TF at Longbridge at quite possibly the forthcoming MG6 next year.

It cost the government in excess of 150million in a redundancy package just for the Longbridge workers plus thousands are still jobless and have been claiming millions of pounds worth of benefits etc ever since. Quite how that compares favourably to a 120 million short-term loan is beyond me. Only Brown know's this.

As has been said, it seems Blair wanted to keep MG-Rover (whether his reasons for doing so where right or wrong) whereas our ruthless and now useless chancellor just wanted to squeeze them out. When one considers how much money has been offered to foreign car makers this year (2.3billion plus 300 million scrappage scheme) it does make you wonder...

No pound sign on me phone hence the lack of them lol.

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#335557 - 12th Jul 2009 11:59pm Re: Brown To Blame For MG-Rover Collapse [Re: MattLFC]
MattLFC Offline
Wiki Master

Registered: 14th Aug 2004
Posts: 22315
Loc: Moreton/Beirut/Mobile
Originally Posted By: diggingdeeper
If the chinese definately wanted it then they could have done the 120M bridging loan - looks like Gordan made the right call.

When negotiations with SAIC began there was no real problems but they wanted to see what potential the company had (one of the reasons for the 75 Coupe). However it took some months for an agreement to be reached, during which time SAIC bought the 25 and 75 IR to help MG-Rover along financially.

When it became clear in early 2005 that the company was in a do-or-die situation the government were effectively brokering the deal and trying to make MG-Rover look like a very attractive proporsition and a company that given the correct investment and some time to finish their new fleet of engines and car's, one that could become profitable in he long-term.

Given the fact that SAIC had already helped them out financially, and they were not sure about the future of the company, they wanted to see the government put its money where its mouth is, initially the government (Blair and his cronies) agreed but then Brown countered it at the last minute.

If the government wernt prepared to loan the ailing company a miserly 120 million in the short term, then why should SAIC?

When the government effectively ended the deal by showing no confidence in MG-Rover, SAIC quite rightly ordered production of the 25 and 75 to be ceased, after which Honda quickly took the 45/HHR blueprints, which effectively killed the company as it only had the TATA sourced City Rover and the TF left in production and on the market.

Im thinking there could have been a more sinister objective at play in Browns mind as I don't trust him as far as I could throw him, but that's something we will never know.

MG-Rover quite clearly had a future in the long-term when one considers the amount of projects they had nearing completion that SAIC/NAC are now continuing, they just needed helping out in the short-term after BMW had arse-raped them back in 2000.

But this government only helps foreigners and immigrants etc...

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#335657 - 13th Jul 2009 8:43pm Re: Brown To Blame For MG-Rover Collapse [Re: MattLFC]
DavidB Offline
Wiki Guide

Registered: 7th Dec 2003
Posts: 5608
Loc: Bebington, Wirral
I'm sure 50 people work at Longbridge (which is better than none) bolting together the TF? I don't think much of the 120 million investment (I really wouldn't have seen it as a wise move), but I really think they should've got their arses together in the 70's, and then along came Thatcher.
_________________________
"C20 LET bang"

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#335731 - 14th Jul 2009 7:46am Re: Brown To Blame For MG-Rover Collapse [Re: DavidB]
SoundLad Offline

Are you SoNutz?
Forum Master

Registered: 22nd Aug 2007
Posts: 2987
Loc: Birkenhead, United Kingdom
Well its about time he gets the boot smile "Arsehole" is all i can say about him smile
_________________________
Lee Mills


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#335909 - 14th Jul 2009 11:17pm Re: Brown To Blame For MG-Rover Collapse [Re: SoundLad]
AR_One Offline
Smartchild

Registered: 14th Nov 2007
Posts: 435
Loc: Wirral
Great post Matt - it is strange that the report has been delayed until after the election but I so agree with you that the real villan of the piece is BMW - they sold of the company when it was too small to survive on its own.

It's such a crying shame that Rover never merged with Honda in the early 90s - they wouldn't of been UK owned but I bet that Longbridge and Cowley would of been producing loads of outstanding cars to this day!

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