Treasury has 'decided not to pursue' £22bn Foundation X proposal

Treasury has 'decided not to pursue' £22bn Foundation X proposal

Summary: The UK government will not take up the apparent offer of billions of interest-free pounds from a mysterious organisation called Foundation X, a Treasury spokesperson told ZDNet UK on Friday.The existence of the offer was detailed on Monday in the House of Lords by Lord James of Blackheath, who said the foundation was willing to pump at least £22bn into government coffers by Christmas.

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TOPICS: Telcos
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The UK government will not take up the apparent offer of billions of interest-free pounds from a mysterious organisation called Foundation X, a Treasury spokesperson told ZDNet UK on Friday.

The existence of the offer was detailed on Monday in the House of Lords by Lord James of Blackheath, who said the foundation was willing to pump at least £22bn into government coffers by Christmas. According to the spokesperson, Treasury commercial secretary Lord Sassoon has "looked into Lord James of Blackheath's proposal, and has decided not to pursue the matter any further".

"At no point has Lord Sassoon, or any Treasury officials, held any meetings with Lord James of Blackheath or any organisation that he mentions on this subject," the spokesperson added.

When he detailed the offer on Monday, Lord James began by apologising to Lord Sassoon "because I am about to raise a subject that I should not raise", then said he had been in a two-week discussion with Lords Sassoon and Strathclyde about the matter. He went on to say that neither Lord Sassoon nor Lord Strathclyde — who is the leader of the House of Lords — gave credence to the offer.

Many have suggested Lord James has been taken in by an elaborate scam, perhaps involving the so-called Office of International Treasury Control, but the peer is adamant that this is not the case.

The Treasury's statement appears to contradict Lord James' claim that he has met with Lord Sassoon to discuss Foundation X's offer, although it is not clear how he related the offer if not in some kind of meeting. The line that neither Lord Sassoon nor Treasury officials had met with the foundation itself, though, makes sense, as according to Lord James Foundation X expects to be contacted "only by someone equal to head of state status or someone with an international security rating equal to the top six people in the world".

In his speech on Monday, Lord James also said he had "managed to write off more than £1 billion" of the IRA's money in his City work for the government. However, he later explained that this had been at the behest of the Bank of England, and he was "a money washer, not a money launderer".

Topic: Telcos

David Meyer

About David Meyer

David Meyer is a freelance technology journalist. He fell into journalism when he realised his musical career wouldn't pay the bills. David's main focus is on communications, as well as internet technologies, regulation and mobile devices.

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5 comments
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  • Isn't it crazy that a bunch of individuals have the funds to help out a nation? The British people should be told who these individuals are. As I understand it it; the national debt of any nation can never be repaid and the fact that banks have been allowed to gain a monopoly on the words credit is borderline if not criminal. The organisations we owe money to have enough and so should be cut off. The words nations could agree to start over before the banks etc start trying to call time on the national debts. If this meant troops marching into banking head quarters to acheive then so be it.
    roger andre
  • I'm guessing that Foundation X is the Catholic Church.
    reggie222-afbc9
  • Why would a Church want to buy out a nation? Vatican city not enough? If that's the case I'm glad we've been rescued from that avenue. It's just as likely to be 'individuals' linked to banking groups. I would imagine that the bailout wasn't enough. We give them tax payers money and yet we still owe them money! Only the worlds nations will be enough payback.
    roger andre
  • could it be the wealthiest woman in the world, the Queen herself or the Bilderbergs?
    magilly-73cb1
  • No doubt Foundation X would require an up-front money transfer fee before the funds arrived, then probably another fee for conversion from Nigerian Dollars to sterling....
    AndyPagin-3879e