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Econoblog

Discussion and analysis of the latest economic issues.

By Sean O'Grady, Economics Editor of The Independent.

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Is justice delayed justice denied? Let's hope not. Lord Mandelson's decision to refer the report on the collapse of MG Rover to the Serious Fraud Office to see if there are "grounds for prosecution" is the right one. I don’t even mind if it is a delaying tactic to protect the likes of Stephen Byers, who did Mandelson's job at the time. It is, as the politicians say, the right thing to do.

The "Phoenix Four" have a lot to answer for; like the bankers this seems to be a case where there were huge rewards but for very little risk to their private capital. They put relatively small sums in; they got huge sums out; the business collapsed. Something not quite right. It is just a pity we had to wait five years for the DTI/DBERR/BIS Report. There ought to be an inquiry into why it took so long!
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