§ Matthew TaylorTo ask the Secretary of State for Trade and Industry what assessments she has made of the reasons for the difference between the final voted departmental expenditure limit and provisional outturn for financial year 2000–01 as listed in the Treasury document, Public Expenditure 2000–01: Provisional Outturn, for Vote IX Trade 473W and Industry and Export Credit Guarantees Department subcategories (a) 1 Department of Trade and Industry: programmes and administration and (b) 2 Department of Trade and Industry: science; and if she will make a statement. [24105]
§ Ms HewittThe difference between the provisional and final voted outturn for financial year 2000–01 for Vote IX is within a reasonable margin of estimating error allowing for the uncertainties of export credit business.
§ Matthew TaylorTo ask the Secretary of State for Trade and Industry what assessment she has made of the reasons for the difference between the initial voted annually managed expenditure and provisional outturn for financial year 2000–01, as listed in the Treasury document, Public Expenditure 2000–01: Provisional Outturn, for the Export Credit Guarantees Department and the self-financing public corporations categories; and if she will make a statement. [24108]
§ Ms HewittAnnually managed expenditure mainly comprises the refinancing of bank export finance loans made by commercial banks under ECGD's guarantee. Such refinancing produces worthwhile savings to the taxpayer. The refinancing programme has been significantly increased during 2000–01. Some of the rise in AME is due to costs associated with refinancing, but these are more than offset by the savings.