State assets that went cheap

Rover sold to British Aerospace for pounds 150m and then bought by BMW for pounds 800m. Deal criticised by NAO.

Royal Ordnance sold to British Aerospace for pounds 190m. Deal criticised by NAO.

Sale of the first three rail franchises. Government criticised for ignoring its own franchise director's advice to include a 'profit claw-back' provision in the sale.

Sale of Property Services Agency three years ago for pounds 11.4m to a business consortium, which then resold the company at a profit of pounds 70m. More than pounds 30m of this was shared by three individuals.