British MPs publish scathing report on NI business trust

The British parliament's Public Accounts Committee has published a scathing report into the Emerging Business Trust set up to promote new firms in the North.

The committee rarely pulls its punches, but even by its standards, the latest report is a savage indictment of how public money was spent to boost employment.

The report highlights conflicts of interest and insider dealing involving the deputy chair of the board overseeing the Emerging Business Trust.

It says Teresa Townsley and her husband were also partners in the accountancy practice managing the trust, while Mr Townsley had bought shares in a company that was later backed by the trust.

The Public Accounts Committee has described this as "profoundly disturbing", saying it amounted to insider trading.

The Townsleys, however, say everything they did was open, above board and in line with business practice.