§ 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, 122W 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.