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<p>The programme of sales of pre-2012 income-contingent student loans is intended
to raise £15bn in total by 2022/23, reducing Public Sector Net Debt. Each sale is
subject to market conditions and a value for money test, which takes into account
foregone repayments and assesses whether the government is better off holding or selling
the assets when taking account of the time value of money, the effect of inflation,
the riskiness of the asset and the opportunity cost of having money tied up in that
asset. The government does not publish a year-by-year estimate of the sales programme,
as the timing and size of sales remain flexible in order to maximise value for money.
The National Audit Office reviewed the first sale and concluded that the government
achieved value for money.</p>
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