Live updates

Former worker hopes £14m fine will go to Rover staff

The accountancy firm Deloitte has been fined a record £14million for persistent failings in its dealings with collapsed car manufacturer MG Rover.

The firm collapsed in 2005 with debts of £1.4billion. More than six thousand people lost their jobs. It had been bought by directors known as the Phoenix Four for a £10 five years earlier.

Now the financial industry watchdog has fined Deloitte and severely reprimanded the firm after ruling it did not spot conflicts of interest in its advice to MG Rover and directors who bought the company.

Former MG Rover worker Andrew Cartwright hopes there's some chance the money from the fine could go to some of the people who lost their jobs when the carmaker collapsed.

  1. National

Deloitte fined £14 million over MG Rover advice

Deloitte has been fined a record £14 million for failing to manage conflicts of interest in its advice to collapsed carmaker MG Rover Group Credit: PA Wire

Accountancy firm Deloitte has been fined a record £14 million for failing to manage conflicts of interest in its advice to collapsed British carmaker MG Rover Group.

The Financial Reporting Council, which brought the case against Deloitte, said an independent tribunal also backed the watchdog's call for a severe reprimand of the company.

The tribunal also agreed to a fine of £250,000 for Maghsoud Einollahi, a partner with Deloitte at the time. He has also been banned from the profession for three years.

Deloitte said disagrees with the tribunal's main conclusions


MG motors launch new supermini

The wait is over for motoring enthusiasts who have been counting down the days (and months, and years) for the new MG supermini, following the phoenix-like rise of the company from the ashes of MG Rover.

The MG3 has stylish looks and a low price Credit: ITV News Central

Dubbed the MG3, the car is well placed to rival the market leading Ford Fiesta with a revvy 1.5 litre engine and a low price tag.

The parts for the car are built in Lanjing, China and assembled and tested at the old MG Rover plant at Longbridge, Birmingham. The site now employs around 40 people on the production line and over 300 in the design hub.

The MG3 supermini hits the road Credit: ITV News Central

Classic car event takes over Coughton Court

A big gathering of classic Rover cars is taking place today at Coughton Court near Alcester in Warwickshire. The event will celebrate 60 years of the Rover Sports Register and 50 years since the launch of the Rover P6 car.

The classic car event is taking place at Coughton Court near Alcester Credit: PA/PA Archive

Many of the engineers, who are now in their seventies, who worked on the project when it launched will also be going along to see the cars they first created.


New MG3 to be displayed at Longbridge

Described as a "super mini" the new MG3 Credit: MG Motor UK

The new MG3 will be shown-off in the UK for the first time today at MG's factory in Birmingham.

The company are throwing open the doors of their newly extended design centre at Longbridge, which is where ideas for the MG3 and other new models are born.

This latest model will go on sale late summer 2013 priced at between £10,000-£15,000.