Financial Reporting Council

HC Deb 06 March 2003 vol 400 c1142W

Mr. Austin Mitchell

To ask the Secretary of State for Trade and Industry what financial contribution the Government will be making to the operations of the Financial Reporting Council and its associated bodies. [100830]

Miss Melanie Johnson

The Report of the Review of the Regulatory Regime of the Accountancy Profession (published on 29 January) recommended thatthe annual running costs of the independent regulator should be broadly shared by Government, business and the professional bodies".

Chapter 8 of the report, copies of which have been placed in the Libraries of both Houses, looks at funding issues in detail. My right hon. Friend the Secretary of State made it clear in her Statement on 29 January, when accepting this recommendation, that while the Government will pay its share of core running costs, she also expects companies and the profession to contribute.