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The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what (a) discussions and (b) correspondence has taken place between (i) his Department, (ii) Royal Mail, (iii) banks acting as bookrunners, co-ordinators and lead managers and (iv) priority investors since the privatisation of Royal Mail took place; and if he will publish any such relevant correspondence.

Michael Fallon

Since the Initial Public Offering, my Department has had discussions with Royal Mail in our continuing role as a minority shareholder in Royal Mail.

There has been ad hoc contact with the Global Co-ordinators primarily to help with enquiries about the IPO but no formal correspondence.

It is not appropriate to publish correspondence relating to the above on the grounds that it relates to our shareholding or has been provided to help develop Government policy and to do so would inhibit the free and frank advice or exchange of views for the purposes of internal deliberation.

This Department has not had discussions or corresponded with the priority investors.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, how many apprentices aged (a) 16 to 18, (b) 19 to 24 and (c) 25 years or over are employed at each of his Department’s executive agencies, non-departmental public bodies and associated bodies and agencies.

Matthew Hancock

I have asked chief executives of the Executive agencies to respond directly to the Hon Member.

Until 2013, the Department for Business, Innovation and Skills did not keep a record of the age of internal apprentices. The table shows the age of both externally recruited apprentices since 2010 and ages of those apprentices embarking on the Departments’ internal apprenticeship programme in 2013. The 2013 figure refers to the ages of those on the Departments’ internal programme. There are no externally recruited apprentices in the 25 years or over category.

The Department for Business Innovation and Skills currently has 53 apprentices. We have had 4 successful completions this year.

16 of these 53 apprentices are under the age of 21 with a further 6 apprentices under 21 expected to join the Department later in the year.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what incentives were (a) offered to (b) accepted by priority investors in relation to Royal Mail privatisation.

Michael Fallon

No incentives were offered to priority investors.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, for what reasons details of arrangements with priority investors in respect of the privatisation of Royal Mail were not published at the time of that privatisation.

Michael Fallon

The Government did not enter into any direct arrangements with investors. All institutional investors entered into agreements with the underwriting banks (the syndicate) to purchase their allocated shares at the offer price. This is standard practice and applied to all investors.

Details of individual allocations were not disclosed because all investors in Royal Mail – whether individuals or institutions – have a legitimate expectation of privacy.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what process the Government adopted to (a) identify and (b) select priority investors in the recent Royal Mail privatisation.

Michael Fallon

The process of investor engagement commenced 12 months prior to the Initial Public Offering (IPO). In the initial period, Royal Mail’s management met with over 60 high quality institutions to educate them about the business. During pilot fishing in early September 2013, the management team and the Government’s banking advisers engaged further with a focused group of 21 well-informed and longer-term investors. Initial indications of potential demand were received from this group; this gave the Government the confidence to proceed with announcing the Intention to Float on 12^th September 2013.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what the names are of (a) the 16 priority investors selected and (b) the 21 priority investors under initial consideration by the Government in the privatisation of Royal Mail.

Michael Fallon

All investors in Royal Mail, whether individuals or institutions, have a legitimate expectation of privacy. It would not be appropriate to disclose the list of institutions that were allocated shares in the Initial Public Offering (IPO) or the names of investors that participated in the investor engagement prior to the IPO.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, how many officials from (a) his Department and (b) its executive agencies and associated public bodies worked on the Royal Mail privatisation.

Michael Fallon

The core team working on the sale of Royal Mail shares was comprised of 17 people. None of the Department’s Partner organisations were involved in taking forward the initial public offering.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what proportion of shares in Royal Mail allocated to priority investors in its recent privatisation are still held by those investors.

Michael Fallon

As set out in the National Audit Office report, 22% of Royal Mail shares (220.5m) were sold to priority investors. As set out in the NAO report, at the end of January, over a half of the shares remain owned by these investors. Some have sold all their shares; some sold part of their shareholding; and others have acquired more shares.

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, what the total value is of funds not yet drawn down by winning bidders under the regional growth fund in each bidding round and region.

Michael Fallon

Regional breakdown of RGF allocations for each bidding round (Rounds 1-4) including the amount drawn down and remaining to be drawn down are provided in the attached tables. This data is as at 2 April. The RGF not drawn down for Rounds 1 to 4 totals £1,238 million. Of this, currently, £1,152 million is budgeted to be drawn down in 2014/15 and later years. Payments schedules are agreed with companies and payments are made when they need them.

Round 1

Round 2

Round 3

Round 4

The below Parliamentary question was asked by Chuka Umunna on 2014-04-03.

To ask the Secretary of State for Business, Innovation and Skills, how many bids by LEPS to the (a) regional growth fund and (b) exceptional regional growth fund have been (i) under discussion with officials, (ii) submitted, (iii) approved and (iv) rejected in each (A) bidding round and (B) region.

Michael Fallon

All bids received to the Regional Growth Fund (RGF) and for exceptional RGF (eRGF) support are discussed with officials as part of the appraisal process. The following table lists bids received directly from Local Enterprise Partnerships to the RGF by bidding round and the outcome.

RGF Round 2

RGF Round 3

RGF Round 4