§ Mrs. Angela KnightTo ask the President of the Board of Trade what targets he has set Companies House executive agency for 1993–94.
§ Mr. HeseltineI have set Companies House executive agency the following targets for 1993–94:
- to make all statutory documents available for public inspection within five working days of receipt;
- to satisfy all requests for searches within two hours;
- to achieve a compliance rate of 86 per cent. by end June 1993, increasing to 90 per cent. by end June 1994 for companies filing accounts and annual returns; and
- to reduce real unit costs by an average of 2 per cent. a year.
Companies House is also required to achieve a 6 per cent. average annual rate of return based on its operating surplus expressed as a percentage of average net assets employed at current values.
In addition, I have set the chief executive of the agency the target of replying within 10 working days to letters from MPs delegated to him for reply.