The British state is selling £62bn of financial assets, including shares in RBS and Lloyds, but it will still control more than 50 firms without any central governance, says the National Audit Office
The Government controls 54 financial institutions from the Royal Bank of Scotland and the Student Loans Company to the British Business Bank, but has no unified system in place to manage its enormous investments, the National Audit Office (NAO) has revealed in a highly critical report. Swathes of the institutions were set up to deal with problems that no longer exist, indicating they have survived beyond their useful lifetime, simply because the Government has failed to manage its operations effectively. The stakes in the bailed-out banks are run by UK Financial Investments, but those high-profile holdings are just the tip of the iceberg, the report shows.
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