The Takeover Panel, the self-regulatory body that oversees mergers and acquisitions in the UK, was forced by the low volume of deals last year to cut costs and increase fees to avoid running out of money.

The organisation posted a deficit for the year ended March 31, 2002, of £3.2m (€5m), nearly twice the previous deficit of £1.9m. That left it with just £879,000 in surplus cash.