BusinessCompany NewsRoyal Mint blasted by MPs over record loss

Royal Mint blasted by MPs over record loss

MPs blasted the financial secretary to the Treasury, Ruth Kelly, yesterday over the poor performance of the Royal Mint, which produced a record £18.5m operating loss for the year.

Link: Trading losses at Royal Mint hit £6.5m

Kelly was questioned by members of the Treasury select committee over who was responsible for the loss, which included a £12m provision for redundancy costs, and for the security at the Royal Mint that resulted in the theft of £25,680 earlier this year.

Royal Mint chief executive, Gerald Sheehan, blamed the loss on over-ambitious expansion plans and a fall in the international demand for coins. The Mint however has moved into profit over the first seven months of the year and expects to finish the year in the black.

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