No you just have a choice to pay to fix it or take it off the road. You only get fined for driving a car without a valid MOT. Then they'll also do you for no insurance
Because the small print on the insurance policy always says something like " .. vehicle must be in a road worthy condition. "
If the annual MOT was failed, then by definition the car is not
in a road worthy condition. Hence, no valid insurance policy even though you may have paid the full amount of money for the insurance. You are wasting your money basically.
The additional fine for "no insurance" is at least ?200, plus 6 points on your licence which is way worse for most people. Your next annual insurance premium will go up, big style.
The traffic cops know this loophole, but most car owner / drivers do not.
.. and now, back to the Pandas