http://www.publications.parliament.u...07011849000004
All very promising, until you read the bit that effectively says, no industry consolidation to "Shipco", no CVF production order.....
I don't think anyone in the maritime industry questions the logic of "Subco", but the case for "Shipco" is far from clear-cut. Since when did handing over control of the MoD shipbuilding and shiprepair business to BigAndExpensiveShips sound like a good idea? Does no-one remember the NAPNOC shenanigans that resulted in Albion & Bulwark having capability stripped out of the design daily prior to contract signature? Which bit of "cost escalation needs some sort of competetive pressure to control it" are these people missing?
Above all else, if you were a VT shareholder, would you believe that signing over your (successful and recently recapitalised) operation lock, stock, and barrel to BAeS was going to happen cheaply, given the respective liabilities of the two companies?