Cerberus Capital Management: Purchase of Distressed Assets

Part of the debate – in Westminster Hall at 5:29 pm on 22nd February 2017.

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Photo of Simon Kirby Simon Kirby The Economic Secretary to the Treasury 5:29 pm, 22nd February 2017

It is important that the Government attract good competition and secure a good price, but at the same time safeguard the rights of existing customers. It is not just our assessment that that happened but the conclusion of the independent National Audit Office. The Public Accounts Committee also concluded that the sale had been well executed. There is still work to be done in returning to the private sector assets that we acquired in the financial crisis. We will continue to do all we can to meet the same high standards and keep delivering the highest possible value to the British taxpayer.