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NAO briefing for the Treasury Select Committee – Performance of HM Treasury 2008-2009

This briefing has been prepared for the Treasury Select Committee to provide an overview of the work and performance of HM Treasury in the financial year 2008-09 and subsequent months. The briefing takes as its basis the Department’s Annual Report and Accounts 2008-09 (HC 611), drawing upon the work of the National Audit Office together … Read more

Published:
2 Nov 2009

HM Treasury Resource Accounts 2008-09: Report by the Comptroller and Auditor General to the House of Commons

“This financial year has been an extraordinary one and has presented extraordinary challenges for HM Treasury. The department’s huge in-year growth in its assets and liabilities illustrates the extreme nature of the problems faced and action taken. It should be recognized that the pressure for the department to intervene by offering the Asset Protection Scheme gave it no time to seek from Parliament the additional resources needed. The breach of the Treasury’s expenditure limits has necessitated my qualifying my opinion on its resource accounts. This arose from the need to take action at a point when it was too late to obtain spending authority through the Parliamentary estimates process.”

Published:
20 Jul 2009

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