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Taxpayers will spend decades exposed to financial risks from the government’s coronavirus spending, according to a committee of MPs.

Parliament’s public accounts committee (PAC) has produced two reports related to the crisis, the first of which warns that Britain will be exposed to “significant financial risks for decades to come”.

The cost of government measures has already reached £372bn, they said.

PAC chair Dame Meg Hillier said: “With eye-watering sums of money spent on COVID measures so far the government needs to be clear, now, how this will be managed going forward, and over what period of time.

“The ongoing risk to the taxpayer will run for 20 years on things like arts and culture recovery loans, let alone the other new risks that departments across government must quickly learn to manage.”

Among the concerns is that, of the estimate £92bn in loans guaranteed by the government as of May, £26bn is expected to be lost as a result of bad loans to businesses.

But the exact scale of loss will going to be known for some time, the report said.

More on Covid-19

It added: “To make decisions and disburse funding more quickly, government relaxed the usual rules over the management of public money and took on significant financial risks, which government may have to manage for many years and which will have implications for future spending decisions.”

Another concern was the cost of personal protective equipment, where the committee said there had been “unacceptably high” levels of wasteful spending.

Some 2.1 billion items purchased were found to be unusable, at a cost of more than £2bn to the taxpayer.

The stockpile of remaining PPE was also “not fit for purpose”, the committee said, adding that this was despite a cost of more than £10bn.

As of May, out of the 32 billion items of PPE ordered, some 11 billion had been distributed.

Some 12.6 billion are being held as stock, with storage costing around £6.7m per week.

Some 8.4 billion items are still on order and have not yet arrived.

The second report concentrated on the prospect of an inquiry into the handling of the coronavirus crisis, an inquiry that has been promised for next year.

However, the committee said the government should not wait for the review before “learning important lessons”, calling for a recovery plan to be presented in the autumn spending review.

Dame Meg said: “If coronavirus is with us for a long time, the financial hangover could leave future generations with a big headache.”

A Department of Health and Social Care spokeswoman responded: “There are robust processes in place to ensure that government spending always provides value for money for the taxpayer.

“We have worked tirelessly to source life-saving PPE to protect health and care staff, and we have delivered over 12.7 billion items to the frontline at record speed.”

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Roman Storm’s lawyers signal continuance if court allows hacker’s testimony

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Roman Storm’s lawyers signal continuance if court allows hacker’s testimony

Roman Storm’s lawyers signal continuance if court allows hacker’s testimony

The Tornado Cash co-founder is scheduled to go to trial on Monday, but his defense attorneys are still waiting on rulings for motions over witnesses in the case.

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Migrants deal a win for Starmer – and could help with fight against Reform

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Migrants deal a win for Starmer - and could help with fight against Reform

The bromance between Sir Keir Starmer and President Macron is so apparent – embraces all around.

This is some deft diplomacy from Sir Keir, who has been love-bombing his French counterpart ever since he became prime minister – trying to get closer ties, be it on security, on trade, and now of course on small boats.

And he has got a win today – he’s got President Macron to agree a deterrent deal.

Politics latest: Macron stokes undiplomatic Brexit row

You remember the Conservatives were trying the Rwanda plan to deter people from coming by sending them back to Rwanda, a third country, if they came here illegally.

What the prime minister has agreed with President Macron today is a big deal. It’s a one in, one out deal.

What they’re going to do is, if someone arrives here illegally, they will be sent back to France, and in return, the UK will accept a legitimate asylum seeker. It might be someone who has family ties.

More on Migrant Crisis

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How people smugglers dodge French police

It’s going to start off really small – think of it as a pilot – as they’re going to test it out, see if it works.

It might be just a handful of people being sent back, maybe just under a thousand or so by the end of the year. But they will hopefully, for the prime minister, scale it up and it could become a real deterrent.

Read more from Sky News:
Ex-Tory chairman defects to Reform

Farage hits back at Macron over Brexit row

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Farage reacts to UK-France migrant deal

I’ll leave you with just one more thought: As Prime Minister Starmer and President Macron were doing this deal today, Nigel Farage was in the English Channel documenting illegal migrants making that crossing – 79 people being picked up by Border Force, taken off a dinghy and into Dover.

Polling out this morning by Portland suggests four in 10 voters who are planning on going to Reform would go back to Labour if the prime minister tackles small boats and drives down the crossings.

There is a real political imperative for him to try to start to resolve this problem. It’s going to count at the ballot box – immigration is a top-three issue in this country when it comes to voters.

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US lawmakers to discuss crypto tax policy amid push to pass three bills

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US lawmakers to discuss crypto tax policy amid push to pass three bills

US lawmakers to discuss crypto tax policy amid push to pass three bills

The hearing notice suggested a focus on a tax framework for digital assets, but did not mention specific witnesses or policies previously proposed.

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