HC Deb 18 February 1954 vol 523 cc2131-2
10. Mr. Jay

asked the Chancellor of the Exchequer whether, in view of the failure of the offer for sale of Lancashire Steel Company shares, he will now take steps to terminate the sale to private interests of publicly owned assets in the iron and steel industry.

Mr. Boyd-Carpenter

The answer both to the suggestion of fact and to the interrogation on policy is "No, Sir."

Mr. Jay

Is it not rather deplorable that the Chancellor of the Exchequer, who ought to be guarding the public interest, should be engaged in trying unsuccessfully to sell public assets to City interestswho do not much want to buy them and who have nothing to contribute to the steel industry?

Mr. Boyd-Carpenter

The last part of that supplementary question is purely an expression of the right hon. Gentleman's doctrinal opinion. On the merits of the matter, of course the shares were sold, and I am sure that the House will be touched by the right hon. Gentleman's tenderness for the interests of the consortium.

Mr. G. R. Strauss

When considering this matter, will the right hon. Gentleman bear in mind the question of whether it is worth spending the hundreds of thousands of pounds entailed in each of these flotations to bring about a mere temporary change in the ownership of these shares?

Mr. Boyd-Carpenter

The right hon. Gentleman knows better than most that the merits of this matter were discussed at great length in the House and that this House decided that the steel industry should be returned to private enterprise. On the second part of his question, I should not like too vigorously to dash the right hon. Gentleman's hopes, but I do not think he is on a very good thing.

Mr. Osborne

Is it not a fact that the threat of this temporary ownership is the cause of why the shares could not be sold? Is it not the vicious campaign of hon. Members opposite to prevent this?

Mr. Boyd-Carpenter

I think that my hon. Friend exaggerates the importance which intelligent opinion attributes to the views and policies of right hon. Gentlemen opposite.

Mr. Jay

Has not experience shown on this occasion that the minority in this House was right?

Mr. Boyd-Carpenter

I think the right hon. Gentleman will live to regret that prophecy.