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Government Profit Formula

My honourable friend the Parliamentary Under Secretary of State for Defence (Quentin Davies) has made the following Written Ministerial Statement. The Government have accepted the findings of the Review Board for Government Contracts as detailed in their report of the 2010 General Review of the Profit Formula for Non-Competitive Government Contracts. The board’s recommendations will be implemented in accordance with arrangements subsequently agreed with the industry side and recorded in an addendum to the published report. I will be placing a copy of the report in the Library of the House. The recommendations will be implemented for new non-competitive work with effect from the 1 April 2010.