Taxpayers could face losses of more than £5bn because of a “disastrous” decision to sell off military homes during
a housing boom, a report by parliament’s spending watchdog indicates.
The public accounts committee believes that the previous estimated loss of up to £4.2bn after selling and leasing back 55,000 family homes for the military will rise when a new rental deal is renegotiated in three years.
In a report released on Friday, MPs said the £1.66bn single payment deal with Annington Property Ltd, which was approved by John Major’s Conservative government in 1996, was “appalling”.
