Report (34 pages, PDF) published by the National Fraud Authority (NFA) containing estimates of fraud losses in the UK. The NFA estimates that the total loss to fraud in the UK in 2008 was £30.5 billion. Of this, tax losses accounted for just under half, £15.2 billion. Total fraud losses to the private sector was £9.3 billion, and to individuals was £3.5 billion.

According to the report, difficulties in measuring fraud losses mean that these estimates are likely to underestimate actual losses. The NFA intends to continue working with public and private sector organisations to improve their ability to measure fraud losses accurately so that future estimates are more robust.

Paper prepared by Reckon LLP on the potential use of longer-term price controls in the regulation of Great Britain's gas and electricity networks (23 pages, PDF).

The paper was published as part of Ofgem's consultation on its emerging thinking from the RPI-X@20 review. Reckon is providing consultancy support to the review.

Ofgem's current price controls for energy networks have been set for five year periods. The paper identifies that a commitment to longer-term price controls would give network companies a clear financial stake in controlling their costs over a longer time horizon. This is likely to change the way that the companies plan their activities, anticipate customer needs and innovate. This, in turn, could help the companies to reduce and restrain their costs over the longer term and thereby improve value for money for consumers.

Longer-term price controls may also bring a number of drawbacks, such as a less adaptable regulatory regime and more uncertainty when price controls are set. The paper identifies options for "partial" longer-term price controls which might tackle the drawbacks, whilst still providing a longer-term commitment to the revenues that network companies are allowed to collect under their price controls.