Harry Landon blames the Government's graduated excise duty policy for the collapse of MG Rover (Oxford Mail, April 25).
I am no economist but the fact that the directors of Phoenix were able to make £40m out of an initial £10 investment would indicate that sales were not going too badly.
The directors were also able to pay up to £3m each into their private pensions while paying their workforce a mere £8,000 each via their company pension fund in the period since they took over.
It is believed that the company is running a pensions fund deficit of about £73m.
Little wonder that the directors wanted to sell the company and that no-one wanted to buy it.
Of course, the most amusing irony is that it is these directors and their offspring who are bemoaning the unfairness of tuition fees and how the planned reshuffle of council tax banding will hit them hardest.
Goodbye, MG Rover. You served your purpose and made a lot of people rich and happy. Too bad they weren't the people on the assembly line, but then one can't expect everything. Not even a pension.
ALAN PAGE
Iffley Road, Oxford
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