Government Policy

Gov’s plans to manage property portfolio ‘out of date’, says PAC

The PAC pointed towards HM Revenue and Customs as a ‘prime example’, with six of its 12 new hubs now locked into 25-year unbreakable leases at higher than current market rents

The Cabinet Office’s plans for managing the Government’s extensive property estate portfolio, valued at approximately £158bn and costing £22bn a year to maintain, are “out of sync with current market conditions and lacking in ambition to reduce costs”, according to the Public Accounts committee (PAC).

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