Staff at the London
Development Agency (LDA) competed with each other to spend taxpayers’ money,
Patience Wheatcroft, leader of the mayor’s forensic audit panel, told the London
Assembly’s budget committee.
She said that, until recently no project to which less than £6m was granted
came before board members and the panel also found some of the former mayor’s
advisers told staff at the agency about projects they wanted funded in an
‘enthusiastic manner’, the Guardian reports.
‘I don’t believe that governance at the LDA was of the highest quality. The
culture of spending was endemic there,’ Wheatcroft told the London Assembly’s
budget committee. ‘There is an impetus to get the money spent by the end of the
year. At the LDA they took it to extremes.’
‘I am told teams competed to be the ones that did not underspend and in order
to do that there seems to have been a determination to actually find projects to
back and the monitoring was not as regular as one might have expected. It
doesn’t seem to have been measured until all the money had been handed over.
Very little actually came to the attention of the board.’
"The whole idea of HMRC officials supplying confidential information about individuals to the media on a non-attributable basis is, or should be, a matter of serious concern," say Supreme Court judges
Changes to the tax system is urged to support the growth of entrepreneurs, found a report from the Grant Thornton UK, the Institute of Directors, and the Prelude Group
If businesses do not take cyber security seriously in their business planning regulators may do it for them, the ICAEW has warned
The Financial Reporting Council has issued guidance regarding the annual reporting of 1,200 large and smaller listed companies. The letter highlighted the key issues and improvements that can be made in the 2016 reporting season