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Treasury spent £22m on financial stability legal services

The Treasury spent £22m on legal services relating to financial stability in 2008-09 according to research by the Liberal Democrats.

The LibDems have condemned the Treasury for paying City law firm Slaughter and May for these services saying the Government department are “babes in arms” when it comes to commercial contracts.

LibDem Treasury spokesman Lord Oakeshott says: “This payment is simply mind blowing. It comes to £175,000 for every single equity partner of the law firm.

“How can the Treasury defend allowing the firm to run up such an astronomical bill, the equivalent to 22,000 billable hours of partners’ time at £1,000 an hour?

“Even if the financial crisis meant that there was no time to shop around at the start for the best legal deal, the Treasury should then have driven a much harder bargain, not left them like a fleet of legal taxis in Whitehall with their meters running for months on end.

“The Treasury think they know it all, but they are babes in arms on commercial contracts.”

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Comments

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

  1. Julian Stevens 24th June 2009 at 3:46 pm

    Treasury spent £22m on financial stability legal services
    Other peoples’ money, so what the hell? A bit like the Parliamentary Fees Office, whose personnel cleared and approved virtually any claim submitted by any MP, however ludicrous and unrelated to their parliamentary duties. Duck house sir? That’ll be fine, the cheque’ll be in the mail in a few days. Clearing out your moat? No problem. Why aren’t they being brought to book? How can Labour possibly claim to be a party of fiscal responsibility when it comes to the public finances? More snouts in more troughs. No wonder everything in the UK is so heavily taxed.

  2. Financial Stability?
    If they had kept trhe £22m in the bank they would’nt have needed to concern themselves with seeking advice regarding financial stability.

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