Source · Select Committees · Public Accounts Committee
Recommendation 16
16
Government previously lacked a structured framework for providing financial support to distressed companies.
Conclusion
In 2020, the government set out publicly some broad principles which it uses to underpin decisions on providing last-resort bespoke financial support to financially distressed companies. The government has publicly stated that there is an “extremely high bar for putting taxpayers’ money at risk in this way”.42 The Treasury told us that before developing the principles, it had had “a rather ad hoc framework for addressing companies in distress-type situations.”43
Government Response
A response document is linked to this report, dated 28 May 2024. Response attribution to this conclusion has not been verified. Read the response document ↗