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30 Sep 11. Foreign and Commonwealth Office (FCO): Spending Report. The Public Accounts Committee published (30 Sep 11) a Report on Spending Reduction in the Foreign and Commonwealth Office. The Report is divided between: Short term cuts, Securing efficiencies from the overseas estate and Efficiencies in the future.
Comment: Around half of the FCO’s £1,600m budget is spent on foreign currencies but in 2008 HM Treasury removed the protection it had previously provided against exchange rate fluctuation. The Report is published as HC 1284, for £13:50.
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