Cover of MoneyWeek magazine issue no 442

Divining profits

3 July 2009 / Issue 442

Make money from water... PLUS:

  • How to choose the best stockbroker
  • Can TV's 'Mr Nasty' take on Disney?
  • Forget the talk of recovery - the worst is yet to come

Excerpt

Auntie’s got nothing on MPs

Maybe I’m all expensed out. But try as I might, I just can’t get very worked up about recent revelations over how the BBC wastes our money. Yes, sending 407 people to cover the Glastonbury music festival is ridiculous. And spending £100 of licence-payers’ money on a bottle of champagne for Bruce Forsyth’s 80th birthday is a bit cheeky. But compared to the amount of money the government seems to manage to waste on a nigh-on daily basis, the BBC seems a positive model of efficiency.

For example, if you think the £360,000 spent over the past five years on expenses for BBC board members is a waste of money, then how does wasting £280m grab you? That’s the amount the government has put towards its much-hyped Mortgage Rescue Scheme, which launched at the start of this year, according to The Daily Telegraph. The idea behind the scheme is to help families at risk of repossession to stay in their homes. So far, it’s helped just six families. Not great value for money is it?

• Read the full editor’s letter here: Auntie’s got nothing on MPs