Mark Wadsworth

This is a spare 'blog in case my main 'blog at isn't working

“below target but above budget”

The article was nothing too exciting but that phrase leapt off the page (out of the screen?):

A scheme aimed at preventing people losing their homes in England proved to be below target but above budget, a report has concluded. The Mortgage Rescue Scheme enabled not-for-profit housing associations to buy a stake or all of a home and allow the residents to continue living there by renting it back.

The National Audit Office (NAO) said it helped 2,600 households avoid having their homes repossessed. However, the target was 6,000. The rescues were also supposed to cost a total of £205m, but actually cost more than £240m, the NAO found.

£240 million divided by 2,600 = £92,000. You could build two council homes for £92,000.

At least Margaret Hodge, a Labour politician, has clearly read the memo about Indian Bicycle Marketing:

“The scheme has helped fewer than half the number of households expected and each rescue has cost more than three times as much as expected, with overall costs sitting at £240m,” said Margaret Hodge, who chairs the Public Accounts Committee. “Spending £35m more than planned yet not reaching all those in need does not represent value for money for taxpayers’ investment in this scheme.”

The scheme was launched by the Labour government in 2008…


One response to ““below target but above budget”

  1. Martin Cole May 25, 2011 at 12:16 pm

    Blogger has been having problems with Log In and comments for over 24 hours now. They say they are working on it, this is in reply to your query on your Blogger Blog.
    I get an Error 404 when trying to Log In but yesterday could not Sign Out. Using Windows Seven and Mozilla browser I have got round this by entering my blog name in the URL and clicking on the Dashboard URL which is lited in the historical URLs shown below.

    All fine and Dandy but I now have no password protection on any of my blogs, so a passerby could access my Dashboard and delete the lot. Very worrying had I ever blogged anything that might have had the slightest influence on anyone in power, as I have not it could be just bye bye toi Blogging.

    Can I mirror my blog somewhere else, does anybody out there know?

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