8 2 mins 10 yrs

On the day when the DUP/Sinn Fein axis will push through it’s economically illiterate budget, here is a stunning example of the gross incompetence that presides at Stormont.

Taxpayers have lost millions of pounds in a land deal between two Northern Ireland government departments, an Audit Office report has revealed. The report said the Department of Finance and Personnel accepted an informal valuation of £200m on a Department of Agriculture property. The property was later found to be worth as little as £2.28m.

Got that? Worth as little as £2.28 but purchased for £200m.

And WHO is the Minister who presided over this gross foolishness? Peter Robinson. And who has hushed it up over the past few years? Step forward Sammy Wilson – FINANCE Minister, the wannabe Milton Friedman of the DUP.

And now – Sammy and his pals would very much like the power to raise taxes????? I would not trust these people to sweep the floor, but if they succeed they will sweep your bank account in the same way as they lavish these hundreds of millions on nothing.

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8 thoughts on “WASTING HUNDREDS OF MILLIONS!

  1. I think the power to raise taxes will come, as austerity kicks in. Sinn Fein are arguing that they will find additional money for vulnerable and the only way to do that is to put forward an argument for tax raising measures and other fiscal resources. The DUP will not object, hey presto, tax varying powers for Stormont.

    At present both main parties are supporting this budget while the minor parties except Alliance appear to be against this budget and on very sound grounds. Unless tax powers come the two main parties will be faced with the same wrath on the doorstep that FF got in the republic. Therefore the only way out of the hole is to get other revenue raising measures, and tax falls fairly and squarely within their sights.

    If you listen carefully to the arguments it is very clear that this is what is going on. For SF it is a chance to get more away from westminister and put distance between both islands, and for the DUP it is a chance to gain more power. How will they resist?

  2. So, if Sinn Fein/DUP raise taxes, in a recession, as unemployment increases, what will that do the economy? I agree with you re your last paragraph, that is exactly the case.

  3. In other news David Vance lost money when he transferred money from one pocket to another.

  4. FewsOranges

    I appreciate economics is not your strong point. Dept of Finance lost £195m+ by acquiring an asset worth circa 2.28m-5m for £200m. I know liberals don’t really get finance very well but where do you think the 200m went to – exactly?

  5. “Taxpayers have lost millions of pounds in a land deal between two Northern Ireland government departments,

  6. An asset valued ten times beyond it’s Market value but hey so long as the valuation wad between government it’s not a problem – yes? So why not just transfer the asset back at the correct price? Erm…

  7. Since I work in property development …

    The report said the Department of Finance and Personnel accepted an informal valuation of £200m …

    … I’ve never heard of an “informal valuation”. It’s sounds a bit like informal surgery.

    When someone (presumably, a Valuer) provides a valuation, they do so under professional and legal precepts. If the valuation is professionally and legally deficient the Valuer is in big legal trouble.

    I wouldn’t be surprised if corruption surrounds this one (in NI? never!)

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