HC Deb 17 February 1971 vol 811 cc1809-10
1. Sir G. Nabarro

asked the Secretary of State for the Environment what is the present value of assets owned by the Transport Holding Company; whether he will publish a list in the OFFICIAL REPORT appropriately categorised; and, having divested itself of its holding in Skyways Limited, what further hiving-off operations he proposes to require it to make.

The Minister for Transport Industries (Mr. John Peyton)

I refer my hon. Friend to the Transport Holding Company's Annual Report and Accounts for 1969 and to my reply to the hon. Member for Portsmouth, West (Mr. Judd) on 27th January.—[Vol. 810, c. 131–2.]

Sir G. Nabarro

I congratulate my right hon. Friend on proceeding with the denationalisation of the assets of this undertaking, but will he confirm that his recent statement regarding Thomas Cook & Son represents a precursor in this respect and that it is his ultimate intention to divest himself of all the publicly owned assets in the undertaking named?

Mr. Peyton

Yes, Sir. Any legislation dealing with Thomas Cook would comprise also a provision to wind up the Transport Holding Company.

Mr. Leslie Huckfield

Does the right hon. Gentleman realise that, apart from Thomas Cook and the 38 per cent. holding in the Penarth Dock Company, there is not much left to hive off, and will he say in which lots he proposes to offer Thomas Cook: will it be Thomas Cook, Lunn-Poly and the rest, or will he offer them separately?

Mr. Peyton

My advice is that legislation is necessary in order to sell Thomas Cook because legislation was introduced originally to create the Transport Holding Company, the duty of which was to hold Thomas Cook. Since then, the Transport Holding Company was unwise enough to acquire Lunn-Poly, which, I am happy to say, can be disposed of without legislation.

Mr. Crosland

What sort of private company does the right hon. Gentleman expect to purchase these normally profitable hived-off parts of nationalised industry? Will they be such shining examples of private enterprise efficiency as Rolls-Royce, Cammell Laird, Harland and Wolff or Mineral Securities?

Mr. Peyton

I doubt that that question from the right hon. Gentleman deserves to be taken seriously.