Rachel Reeves

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The Business Energy and Industry Strategy Committee has also published a number of documents that have been submitted as part of its inquiry into the collapse of Thomas Cook.

There is a letter from Andrea Leadsom, in which she says says government "rescue deal would have been a very poor decision for the taxpayer".

She said it was "too early at this stage to give a clear summary of total costs, as the liquidation process is yet to be concluded".

"By way of indicative costs, the repatriation of Thomas Cook customers is expected to be about double the cost of the Monarch repatriation operation in 2017, which was about £40m.

"The majority of Thomas Cook passengers were Air Travel Organiser’s Licence (ATOL) protected and the costs for repatriating those passengers have been covered by the ATOL scheme.

"The Official Receiver’s costs for the first three weeks of the liquidation amount to approximately £21m. This includes salaries for employees retained to assist with the repatriation and the liquidation, fees for the Special Managers and legal advice. As the liquidation is on-going, the costs will rise; we will only be able to provide a total, substantiated figure once the process is concluded."

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MPs on the Business, Energy and Industry Strategy Committee, have written to Andrea Leadsom, the business secretary, to outline recommendations in the wake of the collapse of Thomas Cook.

The committee has been holding an inquiry into the collapse of the tour operator, taking evidence from former bosses including Peter Fankhauser, Manny Fontenla-Novoa and Harriet Green.

It suggests strengthening of clawback of bonuses so that are “provisions on clawback need to be strengthened and the scope of clawbacks extended”

It also adds that the government should seek “a binding commitment from lenders that those who have lost their jobs as a result of a corporate liquidation can benefit from a loan payment holiday or mortgage payment holiday”.

Rachel Reeves, the Labour MP who chairs the committee, said: “Our inquiry has been cut short by the election but it’s clear that a series of misjudgements at Thomas Cook led to its collapse. The piling up of debt, confused business plans, lack of challenge in the board room and by auditors, and aggressive accounting practices all contributed to the failure of the business.

“During our inquiry, we’ve witnessed buck-passing and blame-shifting but precious little humility or reflection from those at the top of the business".

An MP from Leeds is asking the government to make money for flood defences in the city a priority.

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Rachel Reeves, who is MP for Leeds West, called for the government to commit to funding for a scheme to protect Kirkstall.

It follows the Boxing Day floods in 2015 where 700 commercial properties and nearly 3,000 homes were damaged costing over £35m pounds, the MP says.

A total of £23m is needed to complete the scheme, the Labour MP said, adding "actions speak louder than words" and encouraged the government to make good on their promises.

Chief Secretary to the Treasury Liz Truss, who in 2015 was the Environment Secretary, acknowledged that Leeds needed flood protection, and said the council was keen to work with them to "make progress".