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Binet said he needed in "excess of £100m in five years to improve preventative care".

The minister told the scrutiny panel that he would need in "excess of £100m in five years to improve preventative care including women's health, and I want that as additional money. I don't care where that money comes from, even if it's the strategic reserve."

"We already have several bids on it and some of them are in excess of the guide price," said Simon Fielding, of Fine and Country.

Graham: An absolute bargain and clever business, we'd have had to pay in excess of £100m to get a centre-back of his quality!

But the agreement also allows insurers to temporarily surcharge policyholders for 100% of claims in excess of those amounts, with the approval of the insurance commissioner.