§ Mr. Nicholas Baker
To ask the Chancellor of the Exchequer what progress has been made in developing Her Majesty's Stationery Office as an executive agency.
§ Mr. Lawson
I am pleased to announce that HMSO will today become an executive agency under the Next Steps initiative. HMSO is already a successful Government trading fund. Executive agency status will help it to develop its business on sound commercial lines. with significantly greater managerial freedom and a more flexible pay structure best suited to the achievement of its aims and objectives. HMSO will be expected, in return, to achieve progressively more demanding profit and performance targets. This is reflected in the framework document governing the operation of the agency and in a new Treasury minute which is being laid today under the Government Trading Fund Act 1973. Copies of the framework document are being placed in the Library of the House.