Tag: National Audit Office

Mortgage rescue scheme criticised by NAO

Mortgage rescue scheme criticised by NAO

The Mortgage Rescue Scheme has been criticised by the National Audit Office (NAO) for missing targets. The Scheme was established by the Labour Government in late 2008 to help struggling homeowners in England facing repossession and allowed people to sell their property to a local authority or housing association but stay on as a tenant. [...]

May 25, 2011 | 0 Comments More
Asset Protection Scheme did not boost lending, says NAO

Asset Protection Scheme did not boost lending, says NAO

The National Audit Office (NAO) has published a report on the Government’s Asset Protection Scheme (APS) and concluded that it failed in its aim of boosting bank lending. The scheme, which insurers against losses arising from toxic assets, also did not charge sufficient fees to the banks which participated. The scheme was established in 2009 [...]

December 21, 2010 | 0 Comments More
NAO warns of bigger spending cuts

NAO warns of bigger spending cuts

The National Audit Office (NAO) has warned that bigger spending cuts could be on the cards after suggesting the Government is not on target to meet savings. It said further tough measures would need to be implemented if it is to be successful in cutting costs and has questioned the £10.8 billion in savings already [...]

July 20, 2010 | 0 Comments More
Student Loans Company provided “unacceptable” service, say NAO

Student Loans Company provided “unacceptable” service, say NAO

The National Audit Office (NAO) has warned the student loans and grants system is at “substantial” risk of being hit by delays again in 2010. Last year, almost a quarter of a million students were left without cash prior to the start of term, as a new system resulted in delays. The student loans system [...]

March 19, 2010 | 0 Comments More
Debt advice charities overwhelmed with inquiries

Debt advice charities overwhelmed with inquiries

Debt advice charities are struggling to cope with high levels of consumer inquiries about debt management, according to a new report from the National Audit Office. At least two debt agencies are refusing to take on any new clients, the National Audit Office found, while others have waiting lists of up to six weeks for [...]

February 9, 2010 | 0 Comments More
Report finds bank bailouts were ‘justified’

Report finds bank bailouts were ‘justified’

According to a review by the National Audit Office (NAO), the cost of propping up the UK’s failing banks was ‘justified’. The report by the NAO found that the cost of bailing out UK banks has hit £850 billion but the report concluded that the end result of protecting customers’ money and restoring financial stability [...]

December 4, 2009 | 0 Comments More
NAO reveals pensions overpaying £250m in tax

NAO reveals pensions overpaying £250m in tax

A report by the National Audit Office (NAO) has revealed that around 1.5 million pensioners have made overpayments in income tax due to processing errors. Furthermore, the NAO revealed that around 3.2 million were neglecting to take up their allowance entitlements. The watchdog also estimated that half a million pensions have underpaid tax, by an [...]

October 23, 2009 | 0 Comments More
Councils reject planning applications to secure funding

Councils reject planning applications to secure funding

The National Audit Office (NAO) is asserting that councils are rejecting planning applications in order to meet Government targets that offer rewards for speeding up the process. In a report published this week, the public spending watchdog suggests that targets demanded to qualify for grant funding actually encourage local authorities to reject planning applications, especially [...]

December 19, 2008 | 0 Comments More