Thomas Cook
Debate between James Cartlidge and Grant Shapps(5 years, 2 months ago)
Commons ChamberRead Full debate Read Hansard Text Read Debate Ministerial Extracts
Grant Shapps
On the pensions front, I think there are four different Thomas Cook pensions, the largest of which is a £1 billion fund. That will now be handled through the usual insolvency pension fund process. It is, of course, a worrying time for everyone involved. With regard to the constituent the hon. Gentleman mentioned, the DWP is ready for her to make contact through the rapid response unit. If there are any difficulties, will the hon. Gentleman please alert me? I will make sure that the Business Secretary and the taskforce are immediately switched on to any problem that occurs. We are very keen to get realtime feedback on this.
James Cartlidge (South Suffolk) (Con)
Like many colleagues, I have a Thomas Cook branch, in Sudbury, in my constituency, which has closed, and I am grateful to the Secretary of State for the work he will be putting in place to support redundant staff. However, does he agree that the biggest cause of the collapse was the unsustainable debt that the company had, which came from a merger strategy that was completely flawed? Does he agree that those who oversaw those mergers, who would have earned handsomely from them, and those who have run this company into the ground must be held to account?
Grant Shapps
I entirely agree with my hon. Friend. Look, companies do sometimes go bust. The problem here is that they are going bust leaving a massive number of people and leaving this country with an enormous problem to resolve. That is why he is right about everything he has just said.