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The Economic Secretary to the Treasury (Mr. Ivan Lewis):
Subject to Parliamentary approval of any necessary Supplementary Estimate, National Savings and Investments DEL will be increased by £9,500,000 from £170,294,000 to £179,794,000 and the administration costs limits will be increased by £9,500,000 from £170,294,000 to, £179,794,000. Within DEL change, the impact on resources and capital are set out in the following table:
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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 on the third party distribution channel and the pilot with Tesco; long-term savings project; internet development and others. Also some resource is essential to maintain the momentum generated through their advertising campaign, which is proving successful.
The Financial Secretary to the Treasury (John Healey): Subject to Parliamentary approval of any necessary Supplementary Estimate, the Office for National Statistics DEL will increase by £3,944,000 from £166,980,000 to £170,924,000 and the administration budget will increase by £3,944,000 from £166,430,000 to £170,374,000. Within the DEL change, the impact on resources and capital are as set out in the following table:
The Paymaster General (Dawn Primarolo): Subject to Parliamentary approval of the necessary Supplementary Estimate, the HM Revenue and Customs Departmental Expenditure Limit will be increased by £150,199,000 from £4,883,772,000 to £5,033,971,000 and the administration costs limit will be increased by £47,720,000 from £4,475,568,000 to £4,523,288,000. Within the DEL change, the impact on resources and capital are as set out in the following table:
Administration costs increases resulting from the take up of £50,000,000 end year flexibility entitlement (EYF) as set out in the Public Expenditure Outturn White Paper (CM6639) published in July. This is partially offset by a transfer of £2,280,000 to the Revenue and Customs Prosecution Office, as part of a machinery of government change; and
Programme expenditure changes resulting from: a transfer of £3,120,000 from the Home Office from their Recovered Assets Incentivisation Fund; a transfer of £863,000 from the Department for Education and Skills in respect of the Savings Gateway Project; and a partial offset relating to a transfer to the Home Office of £1,454,000 to fund some anti-terrorism work.
The change in the capital element of the DEL arises from the draw down of capital EYF, totalling £100,000,000, and a decrease of £50,000 to reflect a capital funding transfer to Revenue and Customs Prosecution Office as part of the machinery of Government change.
The Economic Secretary to the Treasury (Mr. Ivan Lewis): The Treasury has today published a feedback document on responses to the consultation on the regulation of investment trust companies launched in November 2004. That document sought views on whether there was a need to introduce additional regulation, and possible options for doing so.
The Treasury received over 120 responses to the consultation from investment trust companies, fund managers, trade associations, consumer representatives and individuals. The overwhelming response to the consultation was in support of continuing to rely on existing Financial Services Authority (FSA) rule making powers to deliver appropriate and effective regulation of investment trust companies.
In assessing the case for change, the Government has considered whether additional regulation of investment trust companies would produce better regulation taking account of the balance between costs and benefits. On balance, the Government have concluded that changes to the structure of regulation as it applies to investment trust companies would not result in better regulation.
It is important, however, that the current regime remains both robust and proportionate. The Government welcome the FSA's forthcoming review of the Listing Rules applicable to investment companies as an opportunity to ensure that this remains the case, in the context of the listing rules generally and wider regulatory developments. The Government also looks to the industry to continue its efforts to improve governance standards.
The Secretary of State for Culture, Media and Sport (Tessa Jowell): Subject to Parliamentary approval of any Supplementary Estimate, the Department for Culture Media and Sport's Departmental Expenditure Limit (DEL) will be increased by £90,973,000 from £1,539,296,000 to £1,630,269,000 and the administration cost limit will decrease by £298,000 from £49,268,000 to £48,970,000. Within the DEL change the impact on resource and capital are set out in the following table:
Drawdown of £9,657,000 End-Year flexibility of which £6,408,000 is Programme: (£1,250,000) UK Film council; (£1,000,000) Sport England; (£1,000,000) English Heritage; (£1,000,000) Culture Online; (£750,000) British library; (£600,000) Royal Parks for live 8; (£366,000) repayment of Contingencies Fund advance for the Gaming Board (£187,000) Audiovisual Eureka Film Support; (£90,000) Regional Cultural Consortiums; (£90,000) Research; and (£75,000) Sale of the Tote. The drawdown of £2,000,000 Non-Voted, non cash, EYF to meet depreciation requirements.
Transfers from other Government Departments of: £1,650,000 from Department for Education and Science (£1,620,000) for Strategic Commissioning and (£30,000) for Creativity Review; £93,000 for Ministry of Defence to Museums and Galleries for Royal Armouries; and £4,000,000 from Department for Transport in respect of Wembley Development costs. A Machinery of Government change transfer from the Department of Constitutional Affairs £48,000 for the Cenotaph ceremonies.
The administration cost limit has decreased by £298,000 from £49,268,000 to £48,970,000. This is as a result of transfers to programme budgets totalling £3,526,000, and a transfer to Cabinet Office of £69,000 detailed above, partially offset by the take up of Administration End Year Flexibility £3,249,000 and a Machinery of Government transfer of £48,000 from the Department of Constitutional Affairs as detailed above.
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Take up of End-Year Flexibility of £44,822,000 of which £32,500,000 is in respect of Capital Modernisation Fund projects, (£12,000,000) for Listed Places of Worship, (£18,400,000) for the Community Club Development Programme, and (£2,100,000) for Picketts Lock.
The remaining £12,322,000 EYF taken up for the following: (£4,500,000) Culture Online; (£2,962,000) The Historic Buildings and Monuments Commission; (£1,500,000 for the Community Club Development Programme; (£1,500,000) for Administration Capital expenditure; (£1,200,000) UK Film Council; (£460,000) for Licensing database; and (£200,000) for Sir John Soane's Museum.
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