British military projects overspent by 1.7 billion pounds: audit
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Britain's 20 biggest military procurement projects ran 1.7 billion pounds (3.2 billion dollars, 2.5 billion euros) overbudget in 2003, the National Audit Office said.
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The UK's current account deficit falls to Â£7bn ($13.2bn) in the second quarter of 2006, official figures show.
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In February 2005, an auditor at the General Services Administration presented evidence to agency leaders that one of the government's top technology contractors was overcharging taxpayers.
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The government's tax credit system is losing more than Â£1bn a year through fraud and error, a report says.
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Squeezed by a swelling public deficit and debt following last month's costly Athens Olympics, the Greek government said it would cut defence spending and boost revenue by 1.5 billion euros (1.84 billion dollars) in privatisation receipts.
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The UK army last year sacked more than 700 troops, or the equivalent of a battalion, for drug use, a report says.
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The Defense Department's major weapons programs have suffered cost overruns in the billions of dollars, years-long delays and quality shortfalls because of poor acquisition practices by the department, according to a report released yesterday by the Government Accountability Office.
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UK soldiers fighting in Afghanistan had to borrow rounds from allied forces, the Ministry of Defence has confirmed.
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Britain's budget deficit ballooned last month, when the public sector net cash requirement (PSNCR) rose to 10.8 billion pounds (15.5 billion euros, 19.5 billion dollars), the biggest September shortfall on record, official figures showed.
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The United Nations overpaid by as much  as $5 billion to individuals, companies and Gulf states for  losses in Iraq's 1990 invasion and occupation of Kuwait,  auditors' documents showed on Sunday.
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Business & money: Â· Buyout firms blamed for collapse of schemesÂ· Labour donor linked to Â£81m of deficits
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About $10 billion has been squandered by the U.S. government on Iraq reconstruction aid because of contractor overcharges and unsupported expenses, and federal investigators warned Thursday that significantly more taxpayer money is at risk.
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The first wave of academies have had cost overruns of up to Â£3m each, says the public spending watchdog.
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Mismanagement across the NHS in England has led to the current multimillion pound deficit, MPs find.
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Boeing Co. made at least $49 million in excess profit on a federal aviation security contract because the government failed to properly structure the deal, a federal audit released Monday found.
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The Royal Navy needs an extra Â£1bn to keep up with future foreign policy demands, according to the officer at its head.
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An economic assessment of shooting in the UK, leaked to the BBC, suggests it contributes more Â£1.5bn to the economy, and provides the equivalent of 70,000 jobs.