HC Deb 29 March 1995 vol 257 cc654-5W
Mr. Matthew Banks

To ask the Chancellor of the Exchequer what expenditure has been incurred recently in order to finance privatisation costs; and if he will make a statement. [17359]

Sir George Young

Expenditure has been incurred to cover:

  1. (i) the residual costs arising from the sale of National Power and PowerGen shares in March 1995, estimated at £32,000,000.
  2. (ii) expenditure, estimated at £600,000 in connection with the Treasury's sale of privatised companies debt this year.

Costs incurred on this vote will be offset by receipts appropriate-in-aid. Such receipts will include the second instalments on National Power and PowerGen shares, estimated to be some £1.1 billion.

Parliamentary approval of these new services is being sought in the 1995–96 main estimate for HM Treasury's sale of sales of residual Government shareholdings and Government holdings of privatised companies' debt vote, class XVII, vote 15.

Pending that approval, urgent expenditure estimated at £32,600,000 will be met from repayable advances from the contingencies fund.