HC Deb 23 January 2003 vol 398 c454W
Mr. Liddell-Grainger

To ask the Deputy Prime Minister what reasons underlay the technical adjustment of £1,000,000 to correct the treatment of an Ordnance Survey interest payment in his departmental expenditure limit. [92510]

Mr. McNulty

This adjustment was to correct an inputting error in the budgeting treatment for Ordnance Survey in the Main Estimates 2002–03. It did not reflect any alteration to scheduled net interest transactions made by Ordnance Survey in 2002–03. These were in respect ofinterest receivable from the National Loans Fund in respect of Ordnance Survey's cash deposits there; interest payable by Ordnance Survey to the National Loans Fund, on its deemed loans. These loans were in respect of 50 per cent. of net assets on the vesting of Ordnance Survey as a trading fund on 1 April 1999, repayable over the period 1999–2012.

I refer the hon. Member to Notes 5 and 12 on pages 63 and 67 of Ordnance Survey's Annual Report and Accounts 2001–02, which refers to these transactions for the two previous years. The Ordnance Survey's Annual Report and Accounts 2001–02 have been placed in the Libraries of the House