NEWSFAX AND THE LONDON DEVELOPMENT AGENCY

Early day motion 1867, tabled 21 March 2006 by Derek Wyatt (Labour). Signed by 18 members.

That this House understands that the London Development Agency (LDA) has so far failed to reach agreement over compensation with Newsfax, the largest manufacturing employer in the area with 450 staff, nearly half of whom come from ethnic minorities and a further 1,000 among suppliers reliant upon the company; notes that the company is subject to a compulsory purchase order as a result of the successful London 2012 Olympic and Paralympic bid; is concerned by the fact that unless the LDA advances funds to the company before 31st March 2006, Newsfax will be unable to transfer its business to a new site by July 2007, the date by which the LDA requires vacant possession; is further concerned that the LDA is suggesting closure of part of the business with the loss of 200 staff, rather than relocation of the whole operation; and strongly urges the LDA to reach an agreement with Newsfax as soon as possible.

Signatures by party: Labour 15, Conservative 2, Liberal Democrat 1.