§ Mr. SheermanTo ask the Secretary of State for National Heritage when the first grants to the arts will be available from the national lottery funds.
§ Mr. DorrellThe arts councils in the United Kingdom are considering applications for lottery funds and the first grants are expected to be announced in spring 1995.
§ Mr. Chris SmithTo ask the Secretary of State for National Heritage how Her Majesty's Treasury is investing the funds raised for good causes by the national lottery in the period prior to the first allocation of grants by the lottery distribution bodies.
§ Mr. Dorrell[holding answer 2 February 1995]Under the terms of the National Lottery etc. Act 1993 responsibility for investing the proceeds of the national lottery falls to the national debt office, which is a non-ministerial department separate from the Treasury. The investment powers issued by the Treasury allow the national lottery distribution fund to be invested in a range of secure financial instruments described in paragraphs 1, 2, 3, 5, 5A, 5B, 9 and 9A of part II of schedule 1 to the Trustee Investments Act 1961.