Lessons for government: monitoring and responding to companies in distress

Public Accounts Committee Closed Inquiry
Opened: 13 Dec 2023 Closed: 28 May 2024 Parliament page
Direct intervention in the private sector has generally been seen as a last resort by the Government, with private sector companies allowed to fail as part of the efficient working of markets and the economy. The Government’s approach in this area is now changing, with the pandemic, war in Ukraine … Read more
17 Recommendations
10 Conclusions
1 Report
1 Oral session
2 Letters
1 Event
Activity timeline 6 events
28 May
2024
Report published
13 Mar
2024
Report published
6 Feb
2024
Correspondence
6 Feb
2024
Correspondence
17 Jan
2024
Oral evidence
17 Jan
2024
Formal meeting (oral evidence session) · The Grimond Room, Portcullis House
Oral evidence sessions 1 session
17 Jan 2024
View on parliament.uk
Lessons for government: monitoring and responding to companies in distress
Hannah Gray · UK Government Investments Jess Glover · HM Treasury Neil Johnson · Department for Business and Trade Sir Gareth Rhys Williams CB · Cabinet Office
Title HC No. Published Items Response
Twentieth Report - Monitoring and responding to companies in dis… HC 425 13 Mar 2024 27 Responded
Recommendations & Conclusions
1 result
Clear
5 Conclusion Rejected
Twentieth Report - Monitoring and …
Set functional standards for monitoring and responding to companies in distress across government.
The Cabinet Office has not assessed or coherently identified the skills and expertise needed for monitoring and responding to companies in distress. We have previously raised concerns about the level of commercial, risk management and corporate finance expertise in government … Read more
Government Response
The government rejects setting new functional standards, stating existing guidance and risk management strategies suffice. Instead, the Cabinet Office Commercial Function will collaborate with the Risk Centre of Excellence, UKGI, and HM Treasury to explore a more targeted approach for developing necessary skills across government.
HM Treasury
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Government Response AI assessment · 26 of 17 classified
Accepted 17
Acknowledged 2
Deferred 6
Rejected 1
Total 17 recs + 10 conclusions
Correspondence 2 letters
6 Feb 2024 Correspondence from Gareth Rhys Williams CB, Government Chief Commercial Officer and Non-Executive Director, Crown Commercial Service, re Committee’s inquiry into lessons for government: monitoring and responding to companies in distress, dated 26 January 2024
Parliament page
6 Feb 2024 Correspondence from Jessica Glover, Director General, Growth and Productivity, HM Treasury, re Lessons for government in monitoring and responding to companies in distress hearing, dated 30 January 2024
Parliament page