Download or read book The sale of the government s interest in British Energy written by Great Britain: National Audit Office and published by The Stationery Office. This book was released on 2010-01-22 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: British Energy was the largest independent energy generator in the UK and owner of sites viewed by industry as the most suitable for new nuclear power stations. The Government sold its 36 per cent interest in the company to EDF Energy for £4.4 billion in January 2009. The final cash offer from EDF was 774 pence per share - 10 per cent higher than the valuation by the Shareholder Executive, the Government agency that managed the sale. Movement in energy prices after completion of the sale show that EDF put forward its offer when energy prices were at a peak. The Government's primary strategic objective for the sale was to ensure nuclear operators are able to build and operate new nuclear stations from the earliest date with no public subsidy. There was no binding commitment to build new nuclear power stations as a condition of the sale so it is too early to say whether the sale will enable the Government to achieve its strategic objective. But EDF's acquisition of British Energy has improved the prospect of investment in new nuclear power stations. While the Government no longer has a direct financial interest in British Energy, it remains responsible for funding any shortfall in the future cost of decommissioning British Energy's existing nuclear power stations. The Shareholder Executive did not carry out a formal assessment of the impact of the sale on the risks that taxpayers might have to bear if, for example, the new owner operated British Energy's power stations in a way that required earlier decommissioning.

Download or read book The Sale of the Government s Interest in British Energy written by Great Britain. Parliament House of Commons. Committee of Public Accounts and published by . This book was released on 2010 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:

Download or read book The sale of the Government s interest in British Energy written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2010-03-24 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report, the 22nd from the Public Accounts Committee (HCP 356, session 2009-10, ISBN 9780215545084), looks at the sale of the Government's interest in British Energy. In January 2009, the Government sold its 36 per cent interest in British Energy, as part of EDF's purchase of the Company. The sale had potentially important implications for future energy security as British Energy, though not financially strong enough to invest in new nuclear power stations itself, owned land viewed by industry as being in the most suitable places for them. The Department did not, however, secure a binding commitment from EDF to build new nuclear power stations. The report adds it also failed to establish whether EDF had previously built any new nuclear power stations without public subsidy. A number of factors, including planning decisions, could result in EDF abandoning its plans to build new nuclear powers stations, with or without public subsidy. The Shareholder Executive hired investment bankers UBS at a cost of £4 million, equivalent to a monthly payment of around £400,000, to advise on sale tactics, assist with negotiations and provide valuations of British Energy. The Committee considers it unacceptable that the Shareholder Executive considered it necessary to spend so much on external advice when it is supposed to possess expertise in these areas. The Government was fortunate in selling its interest in British Energy when energy prices were at a peak. The £4.4 billion sale proceeds were allocated to the Nuclear Liabilities Fund, to put towards the future cost of decommissioning British Energy's existing power stations.

Download or read book The Economic Constitution written by Tony Prosser and published by OUP Oxford. This book was released on 2014-03-13 with total page 320 pages. Available in PDF, EPUB and Kindle. Book excerpt: There has been little analysis of the constitutional framework for management of the UK economy, either in constitutional law or regulatory studies. This is in contrast to many other countries where the concept of an 'economic constitution' is well established, as it is in the law of the European Union. Given the extensive role of the state in attempting to resolve recent financial crises in the UK and elsewhere in Europe, it is particularly important to develop such an analysis. This book sets out different meanings of an economic constitution, and applies them to key areas of economic management, including taxation and public borrowing, the management of public spending, (including the Spending Review), monetary policy, financial services regulation, industrial policy (including state shareholdings) and government contracting. It analyses the key institutions involved such as the Treasury and the Bank of England, also including a number of less well-known bodies such as the Office for Budget Responsibility. There is also coverage of the international context in which these institutions operate especially the European Union and the World Trade Organisation. It thus provides an account of the public law applying to economic management in the UK. This book also adopts a critical approach, assessing the degree to which there is coherence in the arrangements for economic management, the degree to which economic policy-making is constrained by constitutional norms, and the degree to which economic management is subject to deliberation and accountability through Parliament, the courts and other institutions.

Download or read book Writing Securities Research written by Jeremy Bolland and published by John Wiley & Sons. This book was released on 2010-09-21 with total page 352 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book highlights the major risks that securities analysts (and other securities professionals) face. The various laws, rules and regulations that securities analysts are subject to are broadly split into three categories: research-specific rules and regulations; market-wide laws; and society-wide laws and customs. The risks that arise out of these various levels of rules and regulations, insofar as research analysts and other securities professionals are concerned, include conflicts of interest, fair distribution/front-running of research, insider trading, spreading of rumours, not highlighting investment risks (including corporate governance issues), as well as defamation and copyright issues. We see that if an analyst puts a company in play, a regulator would instantly assume that the analyst is trading on inside information (especially if the information turns out to be true) or is spreading a rumour (especially if it turns out to be false). However, we also see that there is a third option – that the analyst might just have come to his or her conclusion through some good research based on verifiable facts and reasonable assumptions. Definitions of research from around the world are examined. After all, research is generally defined by its content, not by the author's job description. As such, non-Research securities professionals such as brokers and marketers of research as well as investors, journalists and even bloggers and twitterers need to understand what constitutes “research” so that they don't fall into the regulators' purview. As regards the risks to investment views that analysts need to highlight to their investors, the book not only examines economic and financial risks but also examines corporate governance issues such as executive compensation, equal treatment of shareholders, related-party transactions and risk management. To demonstrate the risks that analysts, securities professionals and investors face, the book draws on many cases and examples from around the world, including many from the global financial crisis of 2007-2009. From these cases we see how penalties for those involved in the securities markets have become more serious over the years. They range from fines to imprisonment, and even to execution in some markets. To give a light-hearted angle, many of these cases are accompanied by “Alex” cartoons.

Download or read book Sessional Returns written by Great Britain: Parliament: House of Commons and published by The Stationery Office. This book was released on 2012-09-14 with total page 442 pages. Available in PDF, EPUB and Kindle. Book excerpt: On cover and title page: House, committees of the whole House, general committees and select committees

Download or read book Preparations for the London 2012 Olympic and Paralympic Games written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by The Stationery Office. This book was released on 2010 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Olympic Delivery Authority continues to make good progress with its delivery programme and the main construction projects are on track to be completed in time for testing in early 2011. The Department has committed to delivering the Games within the £9,325 million budget set in March 2007. Most of the budget is for the Olympic Delivery Authority which has done well to control its costs and find savings across its programme, enabling it to absorb additional costs for the Olympic Village and Media Centre projects. These two projects are now being publicly funded, contrary to original plans. While £1,270 million of the original £2,747 million contingency within the Olympic budget now remains and is available to the Olympic Delivery Authority, the majority is earmarked to meet known risks, leaving only £194 million 'headroom'. It may be that not all of the known risks will materialise, but new cost pressures continue to emerge. Staying within the budget also depends on receiving some £600 million receipts from the Olympic Village development. There is the risk of a deficit in the London Organising Committee (LOCOG) and there is no contingency fund in its budget. Some £400 million of the income LOCOG still needs is to come from the sale of tickets. It is still not clear what will happen to major assets, including the Stadium and Media Centre, after the Games, and the consequent timing and value of any reimbursements to funders, including the National Lottery.

Download or read book Scrutiny of Value for Money at the Bbc written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by The Stationery Office. This book was released on 2010 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt: Incorporating HC 359-i and 494-i of session 2009-10, this report draws on the work of the Committee and the National Audit Office since 2003 in examining the BBC's approach to financial matters.

Download or read book Hm Revenue and Customs Estate Private Finance Deal Eight Years On written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2010 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: A NAO report published as HC 30, Session 2009-10.

Download or read book The Department for Business Innovation and Skills written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2010 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report examines the experience to date of delivering the debt advice project, and how the overall strategy for support to the over-indebted has been managed. Consumer debt stands at around £1,500 billion, and some 11% of the UK population struggle to manage their debts. The Department for Business, Innovation and Skills shares responsibility for co-ordinating the strategy with the Department for Work and Pensions and the Ministry of Justice, and is responsible for the strategy's evaluation. There has been a complete failure to manage delivery of the strategy. Since 2006 the Department has also managed a project to provide face-to-face advice for those struggling with debt. The £130 million project is funded primarily from the Treasury's Financial Inclusion Fund, and delivered locally by Citizens Advice and other third sector organisations. Whilst greater success has been achieved in managing this particular project, which is delivering more debt advice than planned at a lower cost per person than budgeted, the project is currently unable to meet all the demand from those users it is intended to help. More people could be reached if the Department better understood consumer needs, the effectiveness of different methods of delivering debt advice, and the most efficient ways of providing advice. In addition, much debt advice is already provided by the private sector and the Department needs to consider both the quality of the advice provided and the contribution that private sector advice could make in the future.

Download or read book Progress in improving stroke care written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2010-03-30 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This report (HCP 405, session 2009-10, ISBN 9780215553195), looks at the "Progress in improving stroke care" and follows an NAO report (HCP 291, ISBN 9780102963441) on the same topic. Stroke is one of the top three causes of death and the largest cause of adult disability in England, costing the NHS at least £3 billion a year in direct care costs, with wider economic costs of around £8 billion. A 2006 report (HCP 911, session 2005-06, ISBN 9780215029683) highlighted serious shortcomings across the whole stroke care pathway. The Committee welcomes demonstrable improvements in stroke care which the Department of Health has achieved since. The Department and NHS have increased the priority given to stroke, particularly the speed of the acute hospital response. However, improvements have not been universal. The Committee finds it totally unacceptable that the likelihood of receiving a timely brain scan or accessing specialist care is dependent on where and when you have a stroke. Also the improvements in hospital care are not yet matched by progress in delivering more effective support once stroke survivors leave hospital with many patients discharged from hospital continuing to struggle to obtain follow-up care and access to community rehabilitation services remains a post-code lottery. The Committee has set out a number of conclusions and recommendations.

Download or read book HM Revenue and Customs written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2010-03-25 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: HM Revenue and Customs' performance in responding to calls has been poor. In 2008-09, HMRC answered only 57 per cent of the 103 million calls to its main helplines, compared to an industry standard of 95 per cent; callers waited on average two minutes, and nearly four minutes in peak periods to speak to an advisor; and yet contact centre staff spent only 38 per cent of their time handling calls against an industry benchmark of 60 per cent. HMRC has set a target to answer more than 90 per cent of calls by March 2012, but achieving this would still fall short of best practice. It could do more to reduce the confusion caused by having 139 telephone numbers. A total of 6.8 million calls failed accuracy checks in 2008-09 because advisors did not follow guidance and procedures, but HMRC does not know how often the advice it provides by telephone is actually incorrect. HMRC could also match staffing levels more closely to levels of demand, as the number of calls fluctuates significantly around key statutory deadlines during the year. There are also significant opportunities to reduce costs and improve its responsiveness by reducing the number of unnecessary calls. HMRC estimates that 35 per cent of calls are avoidable, often from people seeking to clarify information they had received which they did not understand, or chasing progress on items being processed in other parts of the department.

Download or read book Ministry of Defence written by Great Britain: Parliament: House of Commons: Committee of Public Accounts and published by The Stationery Office. This book was released on 2010-03-29 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since October 2001 565 service men and women have been seriously injured in Iraq and Afghanistan, some 125,000 troops based there have sought medical help for minor injuries and illnesses, and a further 1,700 for mental health conditions. Nearly all seriously injured troops who return back to the UK for medical treatment go first to the NHS hospital at Selly Oak and then to Headley Court for rehabilitation. The care of the seriously injured to date has been highly effective, and support for the families of seriously injured troops is good. The main challenge the Department faces, should casualties increase significantly, is to ensure that all military patients will receive the same standard of care they currently experience at Selly Oak and Headley Court. Some soldiers have suffered severe life changing injuries and will require specialist care for many years. This presents a further long term challenge not only for the Department who provide specialist care for them and support for their families while they remain in the Services, but also for the NHS and other government departments who will become responsible for the medical care and support of seriously injured soldiers after they leave the Armed Forces. Minor injury and illness are a lesser issue but still have the potential to impact on the fighting strength and morale of our Armed Forces in Afghanistan and the increase in rates from 4 to 7 per cent since 2006 is of concern.

Download or read book Adapting the Foreign and Commonwealth Office s Global Estate to the Modern World written by Great Britain. Parliament. House of Commons. Committee of Public Accounts and published by The Stationery Office. This book was released on 2010 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: The FCO (the Department) has over 4,000 buildings across its global estate, in 279 different locations. The estate is a mix of properties including embassy, high commission and consular offices, ambassadorial residences, prestige and historical buildings and staff accommodation. The estate is valued at £1.6 billion and capital and revenue expenditure in 2008-09 totalled £269 million. The Committee welcomes the improvements the Department has made in managing its estate more effectively, including the recent appointment of an estates specialist as estates director and the development of a new estate strategy. The Department however has a poor understanding of its estate and the information it holds on its properties is basic, incomplete, out of date and inaccurate. In addition, the Department does not collect data, such as the cost and amount of space per person, recommended by the Office of Government Commerce for the effective management of government offices in the UK. The Department has unused space in its offices even in locations where other UK government organisations are based in separate premises. Other organisations are often deterred from co-locating with the Department because of the security measures necessary in embassies as well as the high charges they must pay to use the Department's buildings. The Department now needs a better managed estate with improved data to enhance understanding of the estate, and its new strategy to be implemented effectively at each location.

Download or read book The Fall and Rise of Nuclear Power in Britain written by Simon Taylor and published by Bloomsbury Publishing. This book was released on 2016-03-02 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: The story of the rise, fall and second ascendancy of nuclear power in the United Kingdom. Britain was a pioneer in civil nuclear power and there were once high hopes in the 1950s that this could be a source of cheap electricity and a valuable export opportunity. In The Fall and Rise of Nuclear Power in Britain, Simon Taylor examines why these hopes were never realised, and how we have come to see a new rise in nuclear power in recent years. He traces the UK's nuclear energy history, from the optimism of the 1950s, through the disillusionment of the 1980s, to a new role for nuclear in the 21st century. The construction of Britain's first new nuclear power station in 20 years, Hinkley Point C, marks a major change of policy. Throughout this book, Taylor provides a comprehensive overview of energy policy, economics, politics and changing environmental priorities, keying into debates about the generation and sustainability of this controversial energy source. Will this new nuclear energy turn out to be a heroic story of UK leadership on a matter of global importance, or will it prove a hugely costly folly, as with British nuclear power in the past?

Download or read book Meeting the energy challenge written by Great Britain: Department of Trade and Industry and published by The Stationery Office. This book was released on 2007-05-23 with total page 348 pages. Available in PDF, EPUB and Kindle. Book excerpt: There are two main energy challenges: tackling climate change by reducing carbon dioxide emissions; and ensuring clean and affordable energy as the country becomes increasingly dependent on imported fuel. These challenges have to be met against the backdrop of rising fossil fuel prices; slower than anticipated liberalisation of the EU energy markets; heightened awareness of the risk arising from remaining oil and gas reserves being concentrated in a few geographical regions; and a need for substantial new investment in power stations, the electricity grid and gas infrastructure. This White Paper sets out the Governments international and domestic strategy to address these challenges and ways to implement the Energy Review of 2006 and the 2006 Pre-Budget Report. There is a separate consultation document on nuclear power.

Download or read book Privatisation and Financial Collapse in the Nuclear Industry written by Simon Taylor and published by Routledge. This book was released on 2007-07-05 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this volume Simon Taylor has combined interviews with former executives, regulators and analysts with his own unique insight into the nuclear industry to provide an analysis of the origins of the crisis and the financial and corporate strategies used by British Energy plc.