The Privatisation Of Qinetiq
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| Author | : Great Britain: National Audit Office |
| Publisher | : The Stationery Office |
| Total Pages | : 56 |
| Release | : 2007-11-23 |
| Genre | : Business & Economics |
| ISBN | : 9780102951455 |
This report examines whether the privatisation of the defence technology business QinetiQ was a good deal for the taxpayer. QinetiQ was created out of the Defence Evaluation and Research Agency (DERA) in 2001 specifically to allow the majority of DERA's activities to be privatised. In 2003 a minority stake in the business (33.8 per cent) was sold to a strategic partner, Carlyle Group, and 3.7 per cent was sold to management and employees. Carlyle and the Ministry of Defence (MoD) used share incentives to align their interests and to incentivise management to increase the value of the business. The MoD did not want management to make very large returns purely as a result of the privatisation, but it accepted that management could make significant sums of money if this was linked to the growth in the value of the business. The structure of the deal gave QinetiQ an equity value of £125 million. This increased to £1.3 billion between the 2003 sale and the 2006 stock market flotation, due to improved business performance, expansion into the US defence market and the UK civil market. The value of the shares of the top ten managers at flotation was £107 million from an initial investment of £537,250. The National Audit Office (NAO) believes the returns in this case exceeded what was necessary to incentivise management to deliver growth in the value of the business. Although privatisation has realised some £800 million for the taxpayer, net of costs, NAO considers that more money could have been raised from the sale, but it praises the business strategy that increased the value of QinetiQ and maximised the proceeds at flotation.
| Author | : Tony Prosser |
| Publisher | : OUP Oxford |
| Total Pages | : 1187 |
| Release | : 2014-03-13 |
| Genre | : Law |
| ISBN | : 0191027405 |
There has been little analysis of the constitutional framework for management of the UK economy, either in constitutional law or regulatory studies. This is in contrast to many other countries where the concept of an 'economic constitution' is well established, as it is in the law of the European Union. Given the extensive role of the state in attempting to resolve recent financial crises in the UK and elsewhere in Europe, it is particularly important to develop such an analysis. This book sets out different meanings of an economic constitution, and applies them to key areas of economic management, including taxation and public borrowing, the management of public spending, (including the Spending Review), monetary policy, financial services regulation, industrial policy (including state shareholdings) and government contracting. It analyses the key institutions involved such as the Treasury and the Bank of England, also including a number of less well-known bodies such as the Office for Budget Responsibility. There is also coverage of the international context in which these institutions operate especially the European Union and the World Trade Organisation. It thus provides an account of the public law applying to economic management in the UK. This book also adopts a critical approach, assessing the degree to which there is coherence in the arrangements for economic management, the degree to which economic policy-making is constrained by constitutional norms, and the degree to which economic management is subject to deliberation and accountability through Parliament, the courts and other institutions.
| Author | : Keith Hartley |
| Publisher | : Routledge |
| Total Pages | : 528 |
| Release | : 2019-11-08 |
| Genre | : Business & Economics |
| ISBN | : 0429882696 |
This book makes an original contribution to our knowledge of the world’s major defence industries. Experts from a wide range of different countries – from the major economies of North America and Western Europe to developing economies and some unique cases such as China, India, Singapore, South Africa and North Korea – describe and analyse the structure, conduct and performance of the defence industry in that country. Each chapter opens with statistics on a key nation’s defence spending, its spending on defence R&D and on procurement over the period 1980 to 2017, allowing for an analysis of industry changes following the end of the Cold War. After the facts of each industry, the authors describe and analyse the structure, conduct and performance of the industry. The analysis of ‘structure’ includes discussions of entry conditions, domestic monopoly/oligopoly structures and opportunities for competition. The section on ‘conduct’ analyses price/non-price competition, including private and state funded R&D, and ‘performance’ incorporates profitability, imports and exports together with spin-offs and technical progress. The conclusion explores the future prospects for each nation’s defence industry. Do defence industries have a future? What might the future defence firm and industry look like in 50 years’ time? This volume is a vital resource and reference for anyone interested in defence economics, industrial economics, international relations, strategic studies and public procurement.
| Author | : R. Boden |
| Publisher | : Springer |
| Total Pages | : 223 |
| Release | : 2003-12-17 |
| Genre | : Political Science |
| ISBN | : 1403943931 |
By the 1980s, UK government research laboratories were an often quirky but always essential part of the state sector. In one of the most radical experiments in the organization and management of scientific research attempted in the UK, successive Conservative governments sought to reform these laboratories by applying the market-based solution of 'New Public Management'. Scrutinising Science explores and critiques that reform process by examining the laboratories' new organizational forms, the new visions of what science is for implicit in the reform agenda and the new forms of scientific knowledge production that have arisen as a consequence.
| Author | : David Parker |
| Publisher | : Routledge |
| Total Pages | : 674 |
| Release | : 2013-06-19 |
| Genre | : History |
| ISBN | : 1136331239 |
This is Volume II of Professor Parker's authoritative Official History of Privatisation, covering the period from the re-election of Margaret Thatcher in 1987 to the election of Tony Blair in 1997. Volume II considers in detail several of the major privatisations, including those of airports, steel, water, electricity, coal and the railways, as well as a number of smaller ones. Each privatisation involved major challenges in terms of industrial restructuring, organising successful sales and, in a number of cases, establishing effective regulatory regimes. The policy evolved and new methods of selling and regulating were put in place that enabled further disposals to occur. Monolithic nationalised industries with their emphasis on the benefits of economies of scale, vertical integration and rationalisation, were replaced by industrial structures rooted in the importance of commercial management, risk taking and competition. In government departments and parts of the National Health Service, direct employees were replaced by private contractors, and private investment became a characteristic of public infrastructure in the form of PFI/PPP schemes. This study draws heavily on the official records of the British government, to which the author was given full access and on interviews with the leading figures involved in each of the privatisations, including ex-ministers, civil servants, business and City figures, as well as academics that have studied the subject. This book will of great interest to students of privatisation, British political history and of business and economics in general.
| Author | : Great Britain. Parliament. House of Commons. Committee of Public Accounts |
| Publisher | : The Stationery Office |
| Total Pages | : 40 |
| Release | : 2008 |
| Genre | : Social Science |
| ISBN | : 9780215520890 |
Between 2001/02 and 2005/06, the Home Office spent £29.1 million planning and designing a purpose-built accommodation centre for asylum seekers at Bicester. It was a pilot project and formed part of a wider Home Office initiative to cope with rising numbers of asylum applications by speeding up the processing of asylum claims and reducing the social tensions and the risk of fraud inherent in the way that asylum seekers were dispersed around the UK. Falling numbers of asylum applicants, a rise in the projected net cost of the planned facility at Bicester, and a general improvement in the speed of processing asylum applications under the existing system, led to the cancellation of the Bicester Centre and the shelving of the wider accommodation centre policy in June 2005. As the project was cancelled before building work began, the only benefit to the taxpayer is the semi-derelict site, valued at some £4.6 million, which remains in the Home Office's ownership. The strength of opposition to the proposed accommodation centres from national refugees groups and local resident groups, which was identified during the passage of the Nationality, Immigration and Asylum Act 2002, was not fully reflected in the business case for Bicester. The business case also did not take into account the potential adverse impact on cost and delivery arising from a protracted planning delay. The decision by the Home Office to sign the contract with its preferred bidder before completing the outline and detailed planning processes increased the risk of nugatory expenditure. The lessons to be learnt from Bicester have wider application to government bodies planning innovative projects. These lessons include: the need to strengthen corporate governance arrangements where consultants are engaged at an early stage, to co-ordinate policy changes in different parts of an organisation together with consideration of external events, and to increase the effectiveness and scope of consultation with the local community and other stakeholders. On the basis of a report by the Comptroller and Auditor General, the committee examined the Home Office on the reasons why the cancellation of the wider accommodation centre policy resulted in nugatory expenditure of £29.1 million being noted in the Home Office's financial statements. It also examined the potential future use of the Bicester site.
| Author | : Great Britain: Parliament: House of Commons: Public Administration Select Committee |
| Publisher | : The Stationery Office |
| Total Pages | : 144 |
| Release | : 2008 |
| Genre | : Political Science |
| ISBN | : 9780215520708 |
This report considers the case for Parliament to be able to initiate and conduct inquiries into serious and significant matters of public concern. It takes up the recommendationmade by this committiee's predecessor Committee (in the Government by Inquiry Report) that there should be a parliamentary mechanism for initiating inquiries. These would take the form of Parliamentary Commissions of Inquiry, composed of parliamentarians and others. In the Report, the committee examines the justification for creating Parliamentary Commissions of Inquiry in particular, that they would enable Parliament to hold the Executive to account more effectively. Then it covers some of the practical issues involved in setting up inquiries of this nature: how Parliament could instigate an inquiry, its composition, and its operation and powers. The committee concludes that it is crucial, in constitutional sense, that Parliament has the necessary powers and abilities to scrutinise the Executive and hold it to account. Proper parliamentary scrutiny should include the ability to establish and undertake inquiries into significant matters of public concern. Parliament has, in the past, conducted investigationsof this kind and as the great forum of the nation, should be expected to do so. The committee's recommendation for Parliamentary Commissions of Inquiry would promoteeffective parliamentary accountability by creating a process for Parliament to initiate inquirieswhere it rather than the Executive sees fit.
| Author | : Great Britain: Parliament: House of Commons: Committee of Public Accounts |
| Publisher | : The Stationery Office |
| Total Pages | : 44 |
| Release | : 2008 |
| Genre | : Technology & Engineering |
| ISBN | : 9780215521842 |
The Single Payment Scheme replaced previous European Union production-based agricultural subsidy schemes from 2005. The Department for Environment, Food and Rural Affairs, through the Rural Payments Agency, had chosen to implement the most complex option for reform in the shortest possible timescale, and the Agency had badly underestimated the scale of the task. This led to delays in making payments to farmers, erroneous payments and additional project and administrative costs, as reported in the Committee's earlier report (55th report session 2006-07, HC 893, ISBN 9780215036179). The Agency has estimated that there were £20 million of overpayments for the 2005 Scheme, and £17.4 million for the 2006 Scheme. The Agency has taken little action to recover the identified overpayments, with the risk that farmers may have unknowingly spent the money in the interim. Of 19 overpayments in excess of £50,000 paid in August 2006, the Agency had started the recovery process with only two of the farmers affected. Major changes made to the Agency's IT systems have enabled most farmers to receive payments earlier under the 2006 Scheme than for the 2005 Scheme. There has been a substantial impact on the costs of the business change programme to improve the Agency's efficiency, and the total project cost is now likely to exceed £300 million. In mid 2007, staff numbers in the Agency peaked at 4,600 and are not expected to reduce to 3,500 until 2010. The Agency is still not able to offer adequate advice to farmers on the progress of their claim. It was reluctant to specify targets by when such information would be available and when payments would be made under the 2008 Scheme.
| Author | : Great Britain. Parliament. House of Commons. Committee of Public Accounts |
| Publisher | : The Stationery Office |
| Total Pages | : 48 |
| Release | : 2008 |
| Genre | : Business & Economics |
| ISBN | : 9780215523884 |
In 2006-07, Her Majesty's Revenue & Customs (the Department) raised a total of £23.8 billion in Corporation Tax from large businesses. There are some 700 of these businesses, and in 2005-06, just 50 of them paid 67 per cent of the large business Corporation Tax, whilst 181 businesses paid none. Two-thirds of the tax comes from the banking, oil and gas and insurance sectors. Businesses pay little or no Corporation Tax because, for example, they have made a loss, or had losses in previous years, or they are using tax reliefs, or engaging in tax avoidance. In 2006-07, the Department's large business Corporation Tax enquiry programme raised nearly £2.7 billion. Many of these enquiries were poorly targeted, with nearly 60 per cent producing less than 1 per cent of the additional tax raised. The enquiries also take too long: in January 2008, 42 per cent of its enquiries were over two years old, and 10 per cent over four years old. In February 2007, based on initial review of tax returns from the previous 12 months, the Department estimated that the potential Corporation Tax at risk was £8.5 billion. The tax assessments are very complicated and there has been a widening gap between the skill set of large business tax staff and that of the Large Business Service. The Department is bringing in external recruits, including retired tax advisors, to help to train its staff and to deal with the more complicated technical work.
| Author | : Great Britain: Parliament: House of Commons: Committee of Public Accounts |
| Publisher | : The Stationery Office |
| Total Pages | : 48 |
| Release | : 2008 |
| Genre | : Sports & Recreation |
| ISBN | : 9780215522092 |
The Department for Culture, Media & Sport (DCMS) and UK Sport have responsibility for elite sport in the UK. To support goals for London 2012, the Government has agreed a package of funding of over £700 million, while the DCMS will be required to raise £100 million from the private sector. This report follows up recommendations in the Committee's previous report on supporting elite athletes published in July 2006 (HC 898, session 2005-06. ISBN 9780215029768). It was found then that many funded sports had not met their medal targets at the Athens games in 2004. In particular concerns were raised about the way UK Sport measured and reported its own performance and the need for greater clarity about the level of performance required from individual sports in order to secure future funding was highlighted. UK Sport continues to plan on the basis that it will receive all of its funding up to 2012. However there remains a risk that the £100 million from the private sector will not all be raised.On the basis of a report by Comptroller and Auditor General (HC 434, session 2007-08, ISBN 9780102953084) the Committee took evidence from the DCMS and UK Sport on their fudning strategy for medial success at London 2012; their setting of targets and monitoring of progress towards the Games; and their approach to securing wider and long term benefits from elite sporting success.
