Public Accounts Committee

10 septembre 2026

Covers the Committee’s opening focus on the 1996 Annington sale‑and‑leaseback, NAO findings on taxpayer losses and contract flaws, and detailed scrutiny of perverse incentives, valuation weaknesses and why substantial renegotiation only occurred after 2018, including the path to the 2024 repurchase.

Public Accounts Committee

30:13 - 31:37

Intervenant 1

Order. Welcome to the session of the Public Accounts Committee on Thursday the 10th of September 2026. Today, we are examining armed forces housing and the Ministry of Defence repurchase of service family accommodation from Annington Homes. In 1996, the MOD sold around 55,000 houses to Annington Homes for 1.7 billion.

By 2024, the NAO estimated the deal had left the government 14.5 billion worse off. So, the MOD has bought back more than 36,000 homes at a cost of 6 billion, ending an expensive arrangement, but not undoing nearly three decades of poor value or weakened control over a vital part of the defence estate. But the repurchase and the MOD's proposed 9 billion defence housing strategy offer a major opportunity to repair and refurbish service family accommodation. However, success will critically depend on the MOD building capacity and expertise to achieve this. So this morning, we will examine how the MOD plans to use this opportunity to improve military housing and what lessons government must learn before selling public assets for short-term gain.

So we've got a very senior cast this morning and I'm very grateful to everybody for sparing time to come and see us this morning.

31:37 - 31:40

Intervenant 7

Jeremy, would you like to introduce yourself to begin with, please?

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