Labour buries bad news: very bad news

Our losses – how your money is wasted:

Stamp duty receipts dropped by £6.1 billion from 2007-08.
Corporation tax take fell by £5 billion,
VAT went down by £5 billion.
Income tax and national insurance contributions fell by £5.7 billion, as the Government increased personal allowances to compensate those hit by the abolition of the 10p tax rate.

A faulty IT system handling the army payroll had resulted in £140 million of net errors, according to the MoD accounts. The NAO said that limited checks had allowed a rise in suspected fraud. The document also showed the MoD had been unable to account for £155 million worth of secure radio sets issued to troops fighting in Afghanistan and Iraq.

The Treasury has failed to stem fraud and error in the tax credit system, which rose from 7.8 to 8.6 per cent last year. This included 50,000 cases of fraud in the system administered by HM Revenue and Customs, accounting for between £100 million and 200 million. The Government insisted it was still aiming to cut the rate of fraud and error to 5 per cent by 2011.

A highly critical report on the new Equalities and Human Rights Commission criticised the organisation’s decision to hire consultants who had already been paid hefty redundancy payments by the Government when three equality commissions merged.

The Treasury accounts revealed that it had spent £24 billion bailing out the banks last autumn without getting parliamentary approval first. Lloyds Bank and the Royal Bank of Scotland had bad loans guaranteed under the Asset Protection Scheme to stave off a banking meltdown. A Treasury spokesman claimed there was no time to seek MPs’ backing.

A government training scheme has been condemned as a waste of money. The National Audit Office says that Train to Gain needs to be better managed, does not provide value for money, and sets unrealistic initial targets. At least a third of people failed to complete their course, at a quarter of the colleges providing the training.

Hat tip: Cato

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