GCHQ is to spend £800m on new headquarters on its existing site in Cheltenham.
About half of the money will be raised on the bond market by Integrated Accommodation Services, a consortium comprising Carillion, Group 4 and British Telecom.
The deal forms part of a public-private initiative, but critics claim it would be cheaper for the government to raise the money itself on the bond markets.
The Guardian 07/03/00 page 13
Financial Times 07/03/00 page 4
The Times 07/03/00 page 1
