This is a disgrace and we should know more. The report says the FO were listening to Treasury , Bank of England & Independent Advisers advice ? Please we can appreciate the first two being incompetent, but to hide behind a screen after fees and after probably running positions opposite! The public is owed a duty , by those responsible to shame and explain who were the so called Independents. As back in the 90's when the bank of England spent above 20 Billion to so call defend the Pound, others both Us and Uk banks chose to run positions the other way , to their fortune and the taxpayers detriment. There are too many constant examples of where those people responsible for Taxpayers funds, are treating them with less and less professional courtesy and this should be explainned more fully.
This Hedging smells , as the Source currency is British Pounds which up until last Summer was strong, so if we have commitments in other currencies , they should have been selling the Pound when it was high. It appears they were not just ignoring the basic hedge , but playing rather than working with the numbers.
Probably you will not publish, as the facts that you have reported, miss much ! but in reality we need more not less investigation of these departments. Especially when they seek Independent advisers, and we do not what funds have been wasted or profits gained from the other side !
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