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Canary Wharf business district

Maintaining the financial stability of UK banks: Update on the support schemes

The scale of the support currently provided to UK banks has fallen from a peak of £955 billion to £512 billion, but the amount of cash currently borrowed by the Government to support banks has risen by £7 billion since December 2009. It is likely the taxpayer will be providing support for years to come.

Published:
15 Dec 2010
power station

The sale of the Government’s interest in British Energy

“The Government sold its stake in British Energy when energy prices were at a peak, and got a good price. The biggest priority for the Government was, however, to ensure new nuclear power stations could be built from the earliest possible date and with no public subsidy. Whether it will achieve this remains to be seen. The Department of Energy and Climate Change now needs to make real progress on its contingency plans should EDF be unwilling to build new nuclear power stations.”

Published:
22 Jan 2010
Report cover showing queues outside Northern Rock branch

HM Treasury: The nationalisation of Northern Rock

The NAO has reported that the nationalisation of Northern Rock in early 2008 offered the best prospect of protecting the taxpayers’ interests and was based on a sufficiently robust analysis of the options available. However, the Treasury was stretched to deal with a crisis of this nature and there were lessons to be learned. In … Read more

Published:
20 Mar 2009
Report cover showing Greenwich penisula

The Regeneration of the Greenwich Peninsula: A Progress Report

“The Greenwich Peninsula is an ambitious regeneration, highlighted by the landmark O2 venue. The pace of house building is already two years behind schedule, though better progress has been made on community and commercial space. English Partnerships needs to safeguard returns to the taxpayer, both by addressing the effects of delay, and by delivering the return which is due from the success of the O2.”

Published:
16 Jul 2008
Report cover showing a pilot flying an aircraft

The privatisation of QinetiQ

“The move to privatise QinetiQ was effective in safeguarding the viability of a business of national importance and secured half a billion pounds for the taxpayer. However, I believe more money should have been secured for the public purse.

“And it is of concern that the Ministry of Defence did not seek specialist advice on the incentive scheme, which resulted in the top ten managers owning shares worth £107m. This level of return exceeded what was necessary to incentivise management.

“The MoD must now be proactive in managing the remaining risks to deliver the long term value for money from the deal.”

Published:
23 Nov 2007