HISTORIC PRESS RELEASE : New National Asset register published [July 2001]

The press release issued by HM Treasury on 19 July 2001.

The Treasury today published an updated and improved National Asset Register (NAR), providing for the first time a comprehensive list and valuation of all assets owned by Government Departments and their executive agencies.

The Government is breaking new ground with this updated NAR, by including valuations of all assets and detailing changes in asset holdings since 1997. The UK is a world leader in this area of public accountability. No other country publishes a list of everything it owns and what it is worth.

The NAR is a key tool in the management of these public assets, and shows that during 1999-2000 alone £1.3 billion worth of surplus assets were disposed of, unlocking resources that can be used more productively elsewhere. The total value of the assets listed was £274 billion at the end of the 1999-2000.

Welcoming publication of the NAR, Chief Secretary Andrew Smith said :

“Government Departments are responsible on behalf of the public for significant assets. It is essential that these are managed as effectively as possible, to deliver value for money or to free up resources which can be better used elsewhere.

The new NAR is central to this process. It is unparalleled. It is the most ambitious property inventory compiled in this country and the first such publication in the world. It is a clear, tangible benefit from the recent financial reforms of public finances, based on the introduction of resource accounting and budgeting principles.

Resource accounting and budgeting measures, for the first time, the full costs of holding and using assets. Departments will have to meet these costs rather than being encouraged to overlook them as under previous arrangements, giving a clear incentive to dispose of costly non-productive assets. 

This will focus the minds of public sector managers on getting the best value from the assets they are responsible for, and will make them more clearly accountable for their stewardship. The NAR shows the progress already made in improving asset management, and is a clear mark of our continuing commitment to better public finances.”

Examples of Departmental disposals of surplus assets include:

• FCO disposed of almost £50 million of surplus land and buildings since 1997, including properties across Europe, South America, Asia and the Middle East.
• Highways Agency disposed of £162 million of surplus roads and land and buildings.
• MAFF disposed of over £210 million of surplus assets in 1999-00 alone, including sale of Hurworth House for over £10 million.  MAFF expects sales income of £26 million in the next two years.
• MOD disposed of £234 million of assets in 1999-00, including Duke of York headquarters (£47m), Stanbridge Communication Centre (£17.5m) and Deepcut Barracks (£10m).
• LCD disposed of almost £6 million of assets in 1999-00, including Uxbridge County Court (£3.7 million).