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UK Financial Investments: Manpower

Volume 487: debated on Thursday 29 January 2009

To ask the Chancellor of the Exchequer (1) how many staff have been employed by UK Financial Investments Ltd in salary bands of (a) up to £25,000, (b) £25,000 to £50,000, (c) £50,000 to £75,000, (d) £75,000 to £100,000 and (e) over £100,000; (249664)

(2) what the estimated cost of remuneration for staff at UK Financial Investments Ltd, including guaranteed bonuses and pension contributions will be in the next 12 months;

(3) what the (a) salary and (b) total remuneration and title of post is of each of the five highest paid employees of UK Financial Investments Ltd;

(4) what consultancy arrangements have been entered into by (a) his Department and (b) UK Financial Investments Ltd (UKFI) in connection with UKFI’s activities; and what the (i) cost and (ii) nature of work under each contract is;

(5) how much the establishment of UK Financial Investments Ltd has cost to date, broken down by category of expenditure.

UKFI was established on 3 November 2008 under the Companies Act, with HM Treasury as sole shareholder. The UKFI board is responsible for governing the company’s activities and will, by the end of February 2009, recommend to the Treasury a budget and funding plan appropriate to ensure the fulfilment of UKFI’s remit.

The company’s annual report and audited accounts will be laid before Parliament.

Additionally, the chairman and chief executive of the company will, as required, attend meetings of relevant parliamentary committees for scrutiny and answer questions.