Written question asked by Lord Oakeshott of Seagrove Bay (Liberal Democrat), in the House of Lords. It was answered by Lord Myners (Labour) on Thursday, 8 April 2010.

Consultancy and Advisory Services

Question: To ask Her Majesty's Government which external companies have been used for consultancy and advisory work by UK Financial Investments Limited; and what payments have been made to those companies.

Answer: UK Financial Investments (UKFI) operates at arm's length from Government and on a commercial basis. UKFI's expenditure will be set out in its financial statements, in accordance with the Companies Act and accounting rules, as part of its annual report and accounts each year. HM Treasury agreed UKFI's overall budget for 2009-10 at £4.5 million, as set out in the UKFI business plan, available at www.ukfi.co.uk. This is a small fraction of the total investments for which UKFI is responsible. In determining which supplier or contractor UKFI selects, it is necessary that this supplier meets the criteria set out in the business case and the request for proposal (RFP) to a level that maximises the value for money for UKFI. Factors that UKFI consider include: quality of goods; experience of personnel; price; timetable for delivery; and value-added services included in price over and above the RFP. Decisions will not necessarily be based on lowest price but will be based on a combination of the factors set out above.

Secondary information