HC Deb 02 November 1993 vol 231 cc121-2W
Mr. Burns

To ask the Chancellor of the Exchequer what were the administrative costs of the third BT share offer; and if he will make a statement.

Mr. Dorrell

The costs of to the Government, during the financial years 1992–93 and 1993–94, of the third BT share offer are estimated to be as follows:

£ million
Advisers' fees and expenses 4.7
Share Information Office 10.5
Marketing 16.1
Receiving and Agent Bank operations 18.5
International Tender Offer and Share Shop Commissions 44.5
Overseas Offers 0.9
Total 95.2

These costs represent about 1.8 per cent. of the total proceeds due from the sale of shares to the Government, which are estimated at £5,333 million. The costs exclude stamp duty and VAT on services provided to the Government, which are not net costs to the Exchequer.