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UK Financial Investments

Volume 487: debated on Monday 26 January 2009

To ask the Chancellor of the Exchequer what the functions of UK Financial Investments are. (249911)

The overarching objectives for UKFI will be to protect and create value for the taxpayer as shareholder with due regard to the maintenance of financial stability and to act in a way that promotes competition. More details can be found in the letter dated 3 November from the Chancellor of the Exchequer to the Chair of the Treasury Committee which is available in the House of Commons’ Library.

To ask the Chancellor of the Exchequer (1) what the budget of UK Financial Investments is for (a) 2008-09 and (b) 2009-10; (249913)

(2) how many staff UK Financial Investments employs at each pay grade; and how many staff it plans to recruit in the next 12 months;

(3) which third party advisers have been contracted to advise UK Financial Investments on the management of its holdings in UK banks;

(4) what (a) business plan and (b) share management strategy has been put in place for UK Financial Investments; and if he will make a statement.

UKFI’s annual accounts as well as HM Treasury’s annual accounts will be laid before Parliament. In addition, the Chairman and Chief Executive of UKFI will make themselves available for scrutiny by the relevant parliamentary Committees.