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DEPARTMENT: HM TREASURY, Main Estimate 2013-14

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DEPARTMENT: HM TREASURY, Main Estimate 2013-14 UNCLASSIFIED DEPARTMENT: HM TREASURY, Main Estimate 2013-14 INTRODUCTION and KEY POINTS The Estimate covers the administration costs of the core Treasury, the Debt Management Office, United Kingdom Financial Investments Ltd, Infrastructure UK and the Department’s non-departmental public bodies (NDPBs). Programme spending on coinage and financial stability is also included. The Estimate is consistent with the Spending Review settlement, taking account of Autumn Statement, Budget and other budgetary changes as explained below. Amounts sought in the 2013-14 Main Estimate 2013-14 Budgets and net cash £m requirement Voted Non- Total voted Departmental Expenditure Limit (DEL) Resource 157.9 12.0 169.9 of which Administration Budget 140.9 - 140.9 Capital 14.1 - 14.1 Annually Managed Expenditure (AME) Resource - 3.3 -1,658.8 1,662.1 Capital - - -1,488.2 1,488.2 Net cash requirement - - -2,669.9 2,669.9 Significant differences in provision compared to the Spending Review settlement and the 2012-13 Estimates. DEL The following table shows changes to resource DEL plans since the 2010 Spending Review settlement. UNCLASSIFIED UNCLASSIFIED Resource DEL £’000 Admin Programme Total SR settlement 139,740 32,900 172,640 To DCLG for Ordnance -791 -791 Survey MoG transfer of OGC to CO -1,235 -1,235 MoG transfer of OGC to BIS -164 -164 2011 Autumn Statement -1,000 -1,000 2012 Autumn Statement -1,630 -1,630 Budget Exchange from 3,800 3,800 2012-13 Transfer to CO for -400 -400 recharges Transfer from HMRC for 197 197 OTS Transfer from DWP 200 200 2013 Budget -1,648 -1,648 Total 140,938 29,031 169,969 AME Resource AME provision in the 2013-14 Main Estimate is higher than the final 2012-13 provision principally due to the net effect of a fair value adjustment in respect of the Bank of England Asset Purchase Facility Fund (£-14bn) which was included in the 2012-13 Supplementary Estimate. DETAILED BREAKDOWN (2012-13 figures are shown in brackets) DEL Section A Core Treasury £119.3m (£-99.4m) resource and £0.8m (£5.9m) capital – resource funding covers the administrative costs of the Treasury’s core business, formulating and implementing the Government’s financial and economic policies. It also covers core Treasury programme costs including the printing of Budgets and Estimates and conferences. The apparent increase over 2012-13 is principally due to receipt of £220m fine income from the Financial UNCLASSIFIED UNCLASSIFIED Services Authority in 2012-13 which resulted in a negative resource DEL for that year. Capital spending is mainly on the Flex IT system. Section B Debt Management Office (DMO) £14.0m (£15.7m) resource and £2.0m (£1.3m) capital – resource spending covers running costs of the United Kingdom Debt Management Office (DMO). The DMO is an executive agency of the Treasury specialising in the delivery of treasury management services and related policy advice to central government. It incorporates the Public Works Loan Board (PWLB) and the Commissioners for the Reduction of the National Debt (CRND). The main objective of the PWLB is to lend capital sums to and collect repayments from local authorities and thereby minimise local authorities’ cost of borrowing. The main objective of the CRND is to provide a fund management service to public sector clients. The capital spending is for replacement of IT systems. Section C United Kingdom Financial Investments Limited (UKFI) £2.9m (£2.9m) resource – relates to administration costs including salaries and accommodation. UKFI manages the Government’s shareholdings in UK financial institutions, acquired through recapitalisation and other financial stability interventions taken in 2008 and 2009. Section D Infrastructure Finance Unit Ltd (IFUL) £11.4m (£20.2m) capital. Spending relates to the loan to the Greater Manchester Waste PFI project. Section E UK Coinage manufacturing costs £14.0m (£21.5m) resource– payments to the Royal Mint for the cost of the manufacture and storage of UK coinage. The 2013-14 figure reflects the manufacturing profile for this year’s expected demand for coinage. Section F Departmental Unallocated Provision (DUP) – £5.5m resource administration has been set aside to cover spending pressures that might arise in the course of the 2013-14 financial year. Use of the DUP will be assessed at the time of the Supplementary Estimate later in the year. Section G Office of Tax Simplification (OTS) – £0.47m (£0.35m) the OTS is jointly funded by the Treasury and HMRC and the £0.47m UNCLASSIFIED UNCLASSIFIED resource spending represents the running costs of the Office which was created in July 2010 to provide the Government with independent advice of simplifying the tax system. The increase over 2012-13 provision is principally due to an increase in staffing. Section H Office for Budget Responsibility (OBR) – £1.7m (£1.7m) resource to cover the costs of salaries and accommodation and is paid as a grant in aid. The OBR was created to provide independent and authoritative analysis of the public finances. This includes producing forecasts for the economy and public finances, judging progress towards the Government’s fiscal targets, assessing the long-term sustainability of the public finances and scrutinising the Treasury’s costing of Budget measures. Section I Royal Mint Advisory Committee on the design of coins (RMAC) – token amount of £1k (£1k). The RMAC became a Treasury body in January 2010 under arrangements for vesting the Royal Mint. The committee has around a dozen members and usually meets two or three times a year to make recommendations to the Chancellor on the design of new coins. The expenses of the Committee are met by the Royal Mint and no grant-in-aid payment is made by the Treasury. Non-voted Section J Banking and Gilts Registration Services £12m (£12m) resource – relates to payments from the National Loans Fund (NLF) to Computershare Investor Services plc for the management of the gilts register and payments from the Exchange Equalisation Account (EEA) to the Bank of England for managing the EEA. AME Section K UK Coinage metal costs £24m (£25m) resource – payments to the Royal Mint for the cost of the metal element of the production of UK coinage. Section L Northern Rock £-275m (£-294m) resource and £-1,633m (£-1,648m) capital – covers resource income from interest and fees and capital receipts from voluntary loan principal repayments. UNCLASSIFIED UNCLASSIFIED Section M Assistance to Financial Institutions £-869.7m (£-14,998m) resource and £30m (£-950m) capital – the resource total arises from income from interest on loans to financial institutions. The large reduction in 2013-14 compared to 2012-13 is due to the earlier year’s figures including changes in the fair value of assets – mainly an increase in the value of the Bank of England Asset Purchase Facility Fund (BEAPFF). Any significant change in the fair value of assets in 2013-14 will be included in the Supplementary Estimate. The difference in capital spending arises from voluntary loan repayments. We have no forecasts of voluntary loan repayments from Icesave, Kaupthing, Singer and Friedlander (KSF), Heritable or Dunfermline at this time. In the event that voluntary repayments are to be made in 2013-14, the Estimate will be updated in the Supplementary Estimate. Section N Provisions £-11.8m (£-21.8m) resource– this mostly represents use of a provision to finance the administration of the Equitable Life Payments Scheme (ELPS) in Section O. Section O Equitable Life Payments Scheme £10m (£20m) resource – this represents a forecast of the cost of administering the ELPS in 2013-14 and will involve issuing payments in the order of £300m and dealing with the consequences of these payments. The payments of £300m are shown in ‘Part II: Resource to cash reconciliation’ as ‘Use of provisions’ Section P Royal Mint dividend £-4m (£-4m) – HM Treasury wholly owns the Public Dividend Capital of the Royal Mint Trading Fund and is eligible for a dividend on its investment each year. Section Q Money Advice Service (formerly known as the Consumer Financial Education Body) – token £1k (£1k) resource. MAS is an independent body offering free unbiased advice to the public to improve their understanding and knowledge of financial matters and their ability to manage their own financial affairs. The running costs of the CFEB are met by a levy on the financial services industry, raised through the Financial Conduct Authority (FCA) and no grant in aid payment is made by the Treasury. UNCLASSIFIED UNCLASSIFIED Section R Financial Services Compensation Scheme (FSCS) – token £1k (£1k) resource. The FSCS was set up under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001. The FSCS is the UK’s compensation fund of last resort for customers of authorised financial services firms that are likely to be unable to pay claims against it. The FSCS is funded by the financial services industry. Every firm authorised by the FCA is obliged to pay an annual levy to cover the running costs and compensation payments made by the FSCS and no grant in aid payment is made by the Treasury. Interest paid to the Treasury on loans to the FSCS are included Section M. Section S Credit easing - £-77m (£50m) resources and £380m (£100m) capital relates to the implementation of the National Loan Guarantee Scheme (NLGS) and Business Finance Partnership (BFP). These schemes are due to be self-funding with fee and investment income covering operating costs. Under the NLGS, Government guarantees funding issued by banks allowing them to borrow at a lower rate. Banks are contractually obliged to pass through the benefit of this lower rate to SME borrowers. The inclusion of a net expenditure figure in the Main Estimate reflects an accounting charge for the provision of government guarantees to banks participating in the NLGS.
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