Thomas Cook

Part of the debate – in the House of Commons at 2:03 pm on 25th September 2019.

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Photo of Grant Shapps Grant Shapps The Secretary of State for Transport 2:03 pm, 25th September 2019

I mentioned the £900 million Fosun deal that eventually fell through to indicate the extent of the money required just to keep the business afloat. That was the deal that was on the table while this was all going on. It then turned out, at the eleventh hour, that even Fosun was not happy to go with a deal, because it had concerns. A new number then started to emerge: an additional £250 million. Any rational person—including, incidentally, the accounting officers throughout Government —would have looked at the deal and refused to sign off such a payment. I am absolutely certain that anyone looking into this matter in detail will demonstrate that the deal would have been a very poor move for the taxpayer, and that it would probably have led us to exactly the position we are in today of repatriating 150,000 people—yet having spent up to £250 million of taxpayers’ money as well.