5 edition of Further Treasury minute on the sixth report from the Committee of Public Accounts, session 1979-80 ... found in the catalog.
|The Physical Object|
|Pagination||xvi, 125 p. :|
|Number of Pages||78|
nodata File Size: 7MB.
Using the PAC method of calculation, the percentage profit therefore works out at 13.
First, we ask that any initiative on the spending of public money should have clearly stated and measurable objectives. We shall expect them to be discussed by the House, without delay, at length and with full explanations of why things went wrong. Ultimately those reports will be made available to the House. In the Treasury minute the response says: The Treasury and the Board of Inland Revenue note the Committee's views and recommendations to which they are giving full and careful consideration.
I hope that the Financial Secretary will give us his observation on whether anything has happened that could possibly mean that Sting Ray will not be proceeded with. But if they had made the accusations made by the PAC, one could have gone to law and sued The Sunday Times and, I am told, obtained considerable damages. What is disturbing to me is not the fact that the company got it wrong—exchange rates are difficult to gauge for six months ahead, far less over a five-year spread—but the method of approach of the NEB, the Department of Industry and the Treasury.
That was the measure introduced by the right hon. The Committee dealt at one stage with the profits of contractors. We must recognise that Rolls-Royce is selling to a country that is almost a monopoly buyer. The cash limit for the next year would then be adjusted accordingly. In this report, as in others, and in the meetings of the PAC, the theme is value for money and accountability, as was said by the Chairman.
The more significant fact is that most of the reports were drawn up by a different Committee. Morris that we must always keep very careful control of the spending of public money.
There is no getting away from that. Friends that this is not acceptable. That is what the hon. That constitutes a major problem. I hope that the Financial Secretary is ensuring that any similar loopholes will be closed in other Departments of State.
That matter should be kept under review and there should be reports from the PAC to ensure that we are receiving value for money at all times. It should not be wasted on poor procedures, overspending or, as the hon. Sir Frank smiled his quizzical smile and replied, "Not to my knowledge.
There is little appraisal of existing expenditure within individual Departments and still less between one Department and another.
The other point that I wish to make has been touched on quite a bit in the debate.
The first is set out on page XIII of the twelfth report.
We understand that through no fault of his, he was unable to be present at our deliberations the other day.