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The banker loving, baby-eating Tory party thread (regenerated)


blandy

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Hands up who thinks that Russian Oligarchs in London will be actually hit really hard as vowed by Truss?

"I'm going hit a massive funding stream for the Tory Party, right where it hurts"

As usual, it's just words

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MoD seeks to buy back 38,000 homes leased from firm run by billionaire

Guy Hands and Annington Homes, rather than taxpayers, benefited from soaring UK property market after 1996 privatisation

The UK government wants to reverse a controversial privatisation deal by seeking to wrest ownership of 38,000 homes in the Ministry of Defence housing portfolio from a company run by the private equity firm of the billionaire Guy Hands.

The move is expected to lead to a legal battle between the MoD and Hands’ private equity firm Terra Firma over whether the government can take back full ownership of the homes.

In 1996, under the defence secretary Michael Portillo, the Conservative government sold 57,400 houses used by military service men and women and their families to Annington Homes for £1.7bn in a sale and leaseback deal. In one swoop, Annington became the biggest residential property owner in England and Wales. The MoD rented back the homes on a 200-year lease at a discount but also agreed to pay for their maintenance and refurbishment.

The value of the properties has ballooned under Annington’s ownership to many times their original purchase price, meaning the taxpayer has missed out on any profits from the property boom. They were valued by Annington at £7.6bn last year, while their vacant possession value is estimated at £10bn. The MoD is paying about £180m a year in rent plus £140m in repairs and upgrades.

Terra Firma, which bought Annington from Nomura Holdings for £3.2bn in 2012, said it would challenge the MoD’s move, and that it expected to win in what it predicted would be a “very long and very expensive” court case.

At the time of the deal the MoD hoped to free up cash for renovation as the homes were falling apart.

However, the National Audit Office concluded in a 2018 review that taxpayers were between £2.2bn and £4.2bn worse off as a result of the arrangement. The NAO said the MoD had “lost out on billions of pounds’ worth of increases in asset values, while Annington has made a significantly higher return on its investment than expected”.

 

Gruaniad

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I'm far from an expert and not that interested but this scum government will probably use this most despicable of leaders being almost on his arse to hit the everyday man for 6 financially before he gets the boot. Then replace him with a similar **** who is just better in front of a camera.

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3 minutes ago, Phil Silvers said:

I'm far from an expert and not that interested but this scum government will probably use this most despicable of leaders being almost on his arse to hit the everyday man for 6 financially before he gets the boot. Then replace him with a similar **** who is just better in front of a camera.

Thats why Johnson is getting Sunak to own the Nat Ins increase now before it happens

 

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