§ Mr. BurnsTo ask the Chancellor of the Exchequer what were the administrative costs of the British Telecom share offer; and if he will make a statement.
§ Mr. MaudeThe costs to the Government in 1991–92 of the BT share offer are estimated to be as follows:
United Kingdom offers £ million Selling and other commissions 32.5 Marketing 17.2 Share Information Office 14.6 Prospectus production and distribution 6.6 Receiving and Agent Bank operations 23.8 Advisers' fees and expenses 6.4 Total (United Kingdom offers) 101.1 Overseas offers 3.9 Total (United Kingdom and Overseas offers) 105.0 These costs represent about 1.9 per cent. of the total proceeds due from the sale of shares to the Government, which are estimated at £5,403 million. The costs exclude stamp duty and VAT on services provided to the Government, which are not net costs to the Exchequer.