(DEFENCE AND EXTERNAL AFFAIRS SUB-COMMITTEE)
[Continued
9 December 1975] Mr D F HAWLEY, CMG, MBE,
Mr K C THOM, Mr A C GOODISON, CMG, Mr P L O'KEEFFE, CVO, Mr G W HOPCROFT, Mr D F MILTON and Mr D F BURDEN
year for this. We are governed or the PSA who are responsible, are governed by the Treasury's Test Discount Rate on which this Committee has commented frequently.
Mr Conlan
117. The residence hired for the use of the Ambassador, which is termed a summer residence for the period between May and October each year, has costs, we were told, so far £300,000. Over what period is that? Can I refer to D23 where we are informed that the rent for the season just ended was £4,200, then further on in the document it shows a sum of rent paid of £300,000. Is that a mistake?- (Mr Thom.) For the last six months the rent was £4,208. The 300,000 is Drachma.
118. In that case why is one figure given in pounds sterling and the other,
to confuse us, in Drachma?- not answer that.
23
-I can-
Mr Conlan.] Does the 300,000 relate to rent?
Chairman
119. If you divide it by 70 you get the rent for this year in pounds. This residence is for use for half the year only. Obviously it would be beneficial financially to purchase a residence, would it not, apart from this stupid discount rate? -While you have a continuing need for property it makes sense to buy that property rather than go on paying rent, but it is subject to the same disability of the Test Discount Rate.
Chairman.] On that note I would like to thank you all for coming and giving your evidence.
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