§ 28. Mr. Iain Macleodasked the Minister of Power whether he will make a statement on the future of firms which have substantial interests outside steel.
§ Mr. Frederick LeeAs my right hon. Friend, the First Secretary of State, told the House on 4th November, the Government do not intend to use the nationalisation of the steel industry to take into public ownership the main activities of companies which have substantial iron and steel interests but whose predominant interests are clearly in engineering and other activities. Consultations about this have been started with the industry.
§ Mr. MacleodBut does the Minister realise that it is necessary to remove as much uncertainty as quickly as possible in this area? Does he accept that almost the only thing we agreed upon in the steel debate was that this should be done as speedily as possible? Will he now undertake to make a statement of intent before Christmas?
§ Mr. LeeI cannot give an absolute date, but since the debate took place we have been in constant touch with as many segments of the industry as wished to discuss things with us, including the Federation, the Steel Board and any other components of the industry which wished to discuss matters with us.