§ Mr. Blairasked the Chancellor of the Exchequer what steps Her Majesty's Government take to satisfy themselves regarding the procedures and practices adopted for asset valuation in the electricity supply, gas and water industries, and, in particular, that they provide a satisfactory basis for reporting profitability and setting financial targets.
§ Mr. Peter ReesThe policies and methods used to value assets are set out in the industries' annual reports and accounts. The industries' auditors, who are appointed by the relevant Secretary of State, report whether in their opinion the accounts, which include values for assets, have been properly prepared in order to show a true and fair view of the profit for the period. Financial targets are based on the asset values given in the accounts.