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Mr. Pawsey
To ask the Secretary of State for Education and Science whether institutions in the new polytechnics and colleges sector will be able to hold contingency reserves and carry over unspent balances from one financial year to the next.
Mr. Kenneth Baker
Subject to the passage of the Education Reform Bill, the institutions in the new sector will be able to earn income from a variety of sources, to maintain balances in their accounts and to carry balances forward from year to year, subject to the Polytechnics and Colleges Funding Council's general oversight of the level of balances.