IT WAS announced today (Wednesday) by the Government that its grants to British Waterways will be drastically reduced.
This is part of the reduction in spending on Government departments and quangos—such as British Waterways—promised by the new Government to reduce the legacy of debt left by the former labour government, Alan Tilbury reveals.
Cut by 25%
Chancellor of the Exchequer George Osborne has cut Treasury staff by 25% per cent as an example to other departments, and will reconvene a group of ministers to work out where money can be saved in the Government.
He has pledged the dramatic cull at the start of a 'star chamber' process, during which cabinet ministers will have to argue their case for scarce public cash.
Caroline Spelman leading the way
Ministers have been coming forward to offer massive cuts, with Culture Secretary Jeremy Hunt and Environment Secretary Caroline Spelman leading the way.
Caroline identifying up to 30 quangos to be downsized or axed, has promised to cut grants to British Waterways and its excessively highly paid executives.
There is every chance now of the Government taking over British Waterways loss-making property portfolio and selling it off, and its owned marinas too are in the firing line as they could raise many millions.