Taking Stock - Quantum leap for George.
The irony could be almost too painful to bear for the Inland Revenue. George Soros, the man who cost British taxpayers billions when he forced the UK out of the Exchange Rate Mechanism in 1992, is set to takeover ownership of the Revenue’s properties. With more than 700 buildings occupied by the Revenue and Customs at stake, the Soros owned Soros Quantum Realty is backing a bid to buy the estate from the Abbey National for #450m. Now TS believes George has already been too close for comfort to taxpayers’ money but actually owning the buildings in which all their records are held is just getting silly. Soros will have to beat Nomura and Trilliun for the deal but whoever wins the bidding will have a contract to supply offices to the taxman worth millions. Each is already thought to have spent several million in preparing for the bid. No expenses has been spared. However, reports are that the sale could save taxpayers more than #500m – an entirely new experience for George.