§ Lord McIntosh of HaringeyMy honourable friend the Financial Secretary (Mr Stephen Timms) has made the following Written Ministerial Statement.
Subject to parliamentary approval of any necessary Supplementary Estimate, National Savings and Investments DEL will be increased by £5,500,000 from 75WS £172,026,000 to £177,526,000 and the administration costs limits will be increased by £5,500.000 from £172,026,000 to £177,526,000. Within DEL change, the impact on resources and capital are set out in the following table:
Change Voted New DEL Non-Voted Total Resource 5,500 177,526 177,526 Capital 500 500 Depreciation* -2,860 -2,860 Total 5,500 175,166 175,166 * Depreciation which forms part of resource DEL, is excluded from the total DEL since capital DEL includes capital spending and to include depreciation of those assets would lead to double counting.
The change in the resource element of the DEL arises from end-year flexibility being drawn down to support expenditure on major project commitments. Such projects include the work being carried out for compliance with evidence of identity requirements, Internet development work and also for some of the savings accounts implementation. There have also been some planned increases in the level of direct marketing expenditure that is being carried out to ensure that net financing targets are being met.
There is no change in the capital element of DEL.