§ Lord Lukeasked Her Majesty's Government:
On what basis a £32 million loan has been granted by the Millennium Commission to the New Millennium Experience Company; and for what purpose it will be used. [HL1020]
§ Lord McIntosh of HaringeyThe Millennium Commission has approved an additional grant of up to £60 million to assist the New Millennium Experience Company (NMEC) with its cashflow. The precise amount of additional grant payable up to that maximum will have to be demonstrated, to the Millennium Commission's satisfaction, by NMEC on the basis of need—so far, £32 million has been released by the Commission. As with the original grant of £449 million (gross), this additional grant is repayable from any operating or disposal surplus. My right honourable friend the Secretary of State, in his capacity as Chairman of the Millennium Commission, has written about this issue to the noble Lord and has placed a copy of his letter in the Libraries of the House.