Thursday, 10 November 2011

Would you dig down the back of your sofa for £3.86 bn?

Tough call isn't it?

This, from the EUPravda, more specifically the European Court of auditors:

"The ECA concludes that the 2010 accounts present fairly the financial position of the European Union and the results of its operations and its cash flows for the year. However, the payments underlying these accounts were still affected by material error, with an estimated error rate of 3.7 % for the €122.2 billion of EU spending. The error rate is not an estimate of fraud but reflects the ECA’s estimation of the degree of non-compliance with the rules governing the spending, such as breaches of public procurement rules, ineligible or incorrect calculation of costs claimed to EU co-financed projects, or over-declaration of land by farmers. The control systems tested across the EU budget were still only partially effective in ensuring the regularity of payments". 

I make 3.7% of €122.2 €4.52 bn, or £3.86bn. Or not a million miles away from what we have budgeted for the prison service next year - £4.6 bn.  And more than we will be spending on foreign military aid, a surprisingly high £3.6 bn.

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