USC collapse cost taxpayers £700,000

An article in the Independent today estimates that the final cost to the taxpayer from the collapse of USC – a subsidiary of Sports Direct – will cost £700,000.

The article states that:

The papers show that HM Revenue & Customs is owed £576,449 in unpaid taxes and staff are owed £106,005 in wages and redundancy pay. The formerstaff’s pay will be covered by the taxpayer.

What the article doesn’t mention is that the collapse will result in far greater costs for the taxpayer once lost incomes and unemployment benefits are taken into account.