HC Deb 08 November 1989 vol 159 cc648-9W
Mr. Baldry

To ask the Secretary of State for Trade and Industry what was the total cost of the flotation of British Steel.

Mr. Douglas Hogg

The total cost to the Government of the sale of British Steel is estimated to be as follows.

£ million
Underwriting 21.3
Selling and broking commission 1.7
Receiving banks 4.3
Marketing 11.6
Advisers' fees 5.6
Other costs (excluding stamp duty) 0.2
Overseas costs 2.8
47.5

This represents less than 2 per cent. of the gross proceeds of the sale.