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 Full text 
Monday, 21 October 2019 - Strasbourg Provisional edition

Effects of the bankruptcy of Thomas Cook Group (debate)

  David Bull (NI). – Madam President, British people work extremely hard to put a roof over their heads and to provide for their families’ security. An annual holiday is something that everybody looks forward to and saves for all year. Therefore, I am incredibly sympathetic to those people whose holidays were ruined by the collapse of Thomas Cook. It was a huge operation, employing 22 000 staff, with 19 million customers.

But it collapsed because it didn’t innovate and it was underpinned by poor management. It rewarded failure by paying the then-chief executive and directors millions of pounds in pay and bonuses, and 150 000 holidaymakers were stranded around the world, forcing the UK taxpayer to pick up that bill of repatriation costing GBP 100 million.

The bigger question is: why are we talking about it here in the EU Parliament? Isn’t this just more EU meddling? This is mission-creep, because if the EU thinks it should be involved then it shouldn’t just be the UK taxpayer picking up the bill. Perhaps the EU would like to put its money where its mouth is, and perhaps the EU would like to cough up some hard cash to compensate.

Last updated: 5 November 2019Legal notice