Watchdog slates SNP for litany of buyout bungles

Auditor General’s scathing verdict on wasted millions

HUNDREDS of millions of pounds of taxpayers’ cash has been wasted by the Scottish Government trying to bail out private firms, says Scotland’s spending watchdog.

The Auditor General for Scotland, whose role is to scrutinise how public money is spent, has criticised the SNP’s bungled attempts to take over companies including Prestwick Airport, BiFab, Ferguson Marine shipyard and a Highlands steelworks.

He has declared the projects have ‘not delivered expected outcomes’ and are ‘unlikely to achieve value for money’.

Next year, Ministers will take on yet another private firm and nationalise ScotRail.

However, in a stinging new report Auditor General Stephen Boyle said it was ‘essential’ that the Scottish Government ‘learn lessons’ from its significant failures. Setting out the true costs of the SNP Government’s overreach, the revealing document lays bare:

● The total bill to prop up Prestwick Airport has reached around £50 million;

● Taxpayers lost millions following the sale of BiFab this year, despite a £37.4 million investment in the company;

● The truth behind the botched takeover of the Ferguson Marine shipyard will be revealed in a report set to be published next year;

● Guarantees for a smelting plant have more than quadrupled from £37 million last year to £161 million this year.

Last night, opposition parties blasted the Scottish Government for splurging taxpayers’ money on failing projects.

Scottish Conservative finance and economy spokesman Liz Smith said: ‘The SNP have thrown millions of pounds of public money at many significant projects across Scotland, but they have failed to ensure they have provided value. They simply haven’t delivered the jobs or investment that they talked up, and it is taxpayers who have been left footing the bill.’

Danielle Boxall, media campaign manager at the TaxPayers’ Alliance, said: ‘The Scottish Government should think twice before rolling the dice with huge sums of taxpayers’ cash.

‘There are no guarantees with any investment and ultimately it’s taxpayers who will end up footing the bill for underperforming portfolios.

‘Scottish Ministers must ensure that providing value for money is at the heart of all spending decisions, especially when hundreds of millions are at stake.’

A spokesman for the Scottish Government said last night: ‘It is our utmost priority to support the economy and protect jobs across Scotland.

‘Where a business faces difficulties that cannot be addressed by a market response, and the business is critical to our economy, or is a long-term strategic asset, we will consider options for support.’