UK Financial Investments Ltd

House of Lords written question – answered at on 14 February 2012.

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Photo of Lord Oakeshott of Seagrove Bay Lord Oakeshott of Seagrove Bay Liberal Democrat

To ask Her Majesty's Government what have been to date (1) the total costs to public funds of UK Financial Investments (UKFI), (2) the notional costs of civil servants seconded to UKFI, and (3) the fees paid to each outside consultant and advisers by UKFI.

Photo of Lord Sassoon Lord Sassoon The Commercial Secretary to the Treasury

UK Financial Investment's (UKFI) total cost to public funds is available in the UKFI annual report and accounts. The total cost to 31 March 2011 is £7,689,000.

The costs of civil servants seconded to UKFI cannot be released as disclosure may enable individuals to be identified. Civil servants remain on their departmental payroll, and UKFI reimburse the departments for all employee and employer-related costs for the individuals.

The fees paid to outside consultants and advisors total £2,642,000 up to 31 March 2011.

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