§ Mr. BurnsTo ask the Secretary of State for Energy what were the administrative costs of the sales of the 12 regional electricity companies and the two generating companies in England and Wales.
§ Mr. WakehamThe costs of the electricity share offers in England and Wales incurred to date by the Government are estimated to be as follows:
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£ million United Kingdom offers Underwriting 51.5 Selling and Broking Commission 13.8 Marketing 22.2 Share Information Office 12.6 Prospectus production and distribution 13.6 Receiving Banks 67.0 Adviser's fees 44.8 Other costs 5.2 Total (United Kingdom offers) 230.7
£ million Overseas offers 26.6 Total (United Kingdom and Overseas offers) 257.3 These costs represent about 2.3 per cent. of the proceeds from the sale of shares in the electricity share offers and from the repayment of debt by the companies which, together, are estimated at £11 billion. The costs exclude stamp duty and VAT on services provided to the Government which are not net costs to the Exchequer, and incentives on employee and individual shareholdings. The figures include expenditure incurred from April 1990 to the end of December 1991, but do not include costs incurred in previous years primarily on the restructuring of the industry which amounted, on the same basis, to about £16.3 million.