§ Mr. SpellarTo ask the Secretary of State for National Heritage if she will make a statement on the revised financial arrangements for the millennium exhibition at Greenwich. [12574]
§ Mrs. Virginia BottomleyThe Millennium Commission decided at its meeting on 13 January 1997 that the indicative budget it has received from the millennium exhibition operating company, Millennium Central, provided a basis on which a grant of £200 million could be made. Negotiations on terms and conditions of grant are continuing in parallel with the preparation of detailed business plan and the creation of the management team. This will be done in such a way as to drive the costs down.
In addition to the commission's grant, the exhibition will be funded through commercial income, including private sector sponsorship. The Millennium Commission has a target of £150 million for sponsorship, of which more than half has been identified. Entrance charges will be set at a level which allows as many people as possible to attend but which also maximises income.