Select Committee on Innovation, Universities and Skills Written Evidence

Memorandum from the Medical Research Council

  As part of the CSR07 settlement, there is a cap on the gross income from the Commercial Fund in each of the three years—£49.2 million in 2007-08 rising to £53 million by 2010-11. Below the cap, MRC can retain 100%, but any excess has to be surrendered to the Treasury. The exact amounts to be handed over to the Treasury will thus depend on the levels of income achieved during the next three years.

January 2008

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Prepared 23 January 2008