§ Mr. BurnsTo ask the Chancellor of the Exchequer what was the outcome of the triennial review of the Royal Mint.
§ Mr. Kenneth ClarkeThe triennial review of the Royal Mint executive agency has now been completed, and a summary of the evaluation report has been placed in the Library.
The Mint provided United Kingdom coins in the quantities and at the times required by the public. It also maintained its position as the world's leading exporter of 735W coins taking more than 50 per cent. of the available market. During the three years covered by the review, the Mint achieved an average annual rate of return of 23.2 per cent. compared with a target of 12.5 per cent. and exceeded most of its other performance targets.
While I have decided that there should be no change in the Mint's status as an executive agency, I have asked officials to review the arrangements under which United Kingdom coins are purchased so as to encourage further improvements in the Mint's performance.