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4G auction to be investigated by audit office after poor return

16/04/2013 21:08

The National Audit Office is to investigate the low amount raised by Ofcom's auction of the 4G airwaves, which in June generated £2.3bn – a total of £1.2bn less than the Treasury had forecast, and £3bn less than the theoretical maximum.
In a letter seen by the Guardian, the NAO's auditor general, Amyas Morse, told the Labour MP Helen Goodman, shadow minister for media and communications: "I intend to conduct a value-for-money study of Ofcom's recent auction of 4G spectrum."
The Treasury's forecast of £3.5bn from the auction was included in the government finances in the autumn statement last December, and allowed the chancellor, George Osborne, to claim that government borrowing was falling.
The Guardian understands that the NAO is preparing the terms of an investigation after complaints from Goodman, who pointed to remarks by the Ofcom chief executive, Ed Richards, indicating the government had not made maximising revenues the prime aim of the auction.Sou

Source: https://www.guardian.co.uk/technology/2013/apr/14/4g-auction-national-audit-office

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