§ Mrs. Ann TaylorTo ask the Secretary of State for the Environment what payment has been agreed to firms acting as underwriters for the privatisation of water.
§ Mr. HowardThe aggregate commission rate on shares underwritten in the United Kingdom is 0.1731 per cent. An additional 0.625 per cent. commission is paid on such shares under the sub-underwriting arrangements. The composite commission rate on the United Kingdorn underwriting is thus 0.7981 per cent., which is the second lowest rate on any Government privatisation. The commission rate on shares underwritten for the overseas offers is 1.2356 per cent. Full details of the underwriting are set out in the "Prospectus for the Water Offers", a copy of which has been placed in the Library.