Concerns over Serious Fraud Office's dwindling budget
Extra money gained by the Serious Fraud Office (SFO) from successful investigations last year only just makes up for cuts in its budget, law firm Pinsent Masons has warned.
Income from the SFO’s asset recovery scheme rose from £4.1m to £6.6m last year. However, its total operating budget was cut by £1.2m to £38.7m, and between 2008/09 and last year, its budget has fallen by £16m. Its budget is forecast to fall to £33.3m in 2014/15.
Barry Vitou, partner at Pinsent Masons, says: “The Treasury has agreed in principle to provide ad hoc funding when necessary for big cases. While ad-hoc funding is welcomed, SFO funding must be consistent and sufficient to enable it to plan ahead with confidence. The SFO must avoid falling into the trap of living hand to mouth and avoid repeating history where there has been an element of penny wise, pound foolish.”
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