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Cameron promises a “bonfire of the quangos”

Conservative leader David Cameron has today promised to cut the number of quangos in a bid to reduce public spending.

In an interview on BBC Radio 4’s Today programme, Cameron said his shadow ministers were leading a review of all quangos that would assess their effectiveness.

He said: “Many of them [will be] slimmed down or reduced, pay levels will be completely different, and some of them will be abolished.”

Quangos are estimated to cost between £34bn and £60bn depending upon how they are defined. Cameron said that 68 quango bosses are earning more than the Prime Minister.

Treasury chief secretary Liam Byrne announced a detailed review of quangos at the weekend and claimed that the Tories’ policy proposals included creating around 17 further quangos.

Cameron rejected this accusation.


Seven seal

As you might expect, Seven Investment Management was formed by seven individuals in 2001 based on various issues with how their own money was being run. They set out to create the kind of investment offering they would demand as clients, focusing on transparency and the core belief that managing money is a privilege not a right.

Transition time

The FSA’s consultation paper 09/18 is now with us and provides the opportunity for the market to digest the FSA’s current RDIP proposals concerning the changing face of the financial services sector.


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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 6th July 2009 at 2:38 pm

    Cameron promises a “bonfire of the quangos”
    Let us hope, nay pray fervently, that the FSA is included in this desperately overdue programme of reform (notwithstanding that it is not a non-governmental organisation, as Hector Sants claimed on national television when being interviewed by Stephen Sackur on HardTalk).

  2. Qamar Hussain 6th July 2009 at 4:39 pm

    FSA Racist Thugs
    When are we going to see the FSA in serious trouble for all of their breaches? Who do they think they are. Why are the industry workers, i.e. brokers and Insurance companies putting up with this?

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