Mar 19, 2020

Thomas Cook: Taxpayers face £156m bill for company's collapse

Taxpayers face a bill of at least £156m for the response to the collapse of Thomas Cook, according to a report by the government's spending watchdog. When the world's oldest travel company collapsed, the Department for Transport instructed the Civil Aviation Authority to repatriate all 150,000 Thomas Cook customers who were stranded overseas. The CAA told the NAO the £481m of repatriation and refund costs related to the Thomas Cook collapse would deplete the majority of the fund's resources. The NAO said the government had agreed to back up that fund, if it cannot meet the costs should any other Atol-licensed company go bust. This could mean further costs to taxpayers if another large travel company collapses in the near future, the report added.

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