The Government is failing to ensure that the sale of former regional development agency (RDA) property assets worth more than £500m will deliver value for money, an influential Commons committee has warned.

Despite promising savings of up to £2.6bn, the coalition's ‘bonfire of the quangos' is based on incomplete and imprecise departmental estimates on savings made and costs incurred, the public accounts committee (PAC) reported on 25 April.