Ministerial Correction
Wednesday 2 December 2009
Culture, Media and Sport
Departmental Assets
Dr. Cable: To ask the Secretary of State for Culture, Media and Sport what assets of his Department are planned to be sold in each year from 2009-10 to 2013-14; what the (a) description and (b) book value of each such asset is; what the expected revenue from each such sale is; and if he will make a statement. [300197]
[Official Report, 30 November 2009, Vol. 501, c. 374W.]
Letter of correction from Mr . Siôn Simon :
An error has been identified in the written answer given to the hon. Member for Twickenham (Dr. Cable) on 30 November 2009.
The correct answer should have been:
Mr. Simon: The Government have stated their intention to realise £16 billion in asset disposals over the period 2011-14 and will publish further details of opportunities to commercialise business assets in the coming weeks.
The Prime Minister announced on 12 October 2009 that the Government intended to sell the Tote (the Horserace Totalisator Board), which is currently the fifth largest bookmaker in the UK. The sale process is intended to start in summer 2010 and be completed by no later than March 2011.
The net asset value of the Tote is set out in its latest Annual Report and Accounts; however this is an accounting measure and is therefore not an accurate reflection of the market value of the business. The expected revenue from the sale is a commercially sensitive matter.
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