§ 46. Mr. Whiteheadasked the Secretary of State for Trade and Industry if he can now enumerate those constituent parts of Rolls-Royce Limited which it is not intended shall become part of Rolls-Royce (1971) Limited; and which of them have been offered for purchase.
§ Mr. CorfieldI cannot give full details but the main elements not being taken over by Rolls-Royce (1971) Ltd. are the Motor Car and Oil Engine divisions and a number of share holdings in subsidiary and associated companies. Disposal of the parts of Rolls-Royce Ltd. not to be taken over by Rolls-Royce (1971) Ltd. is a matter for the Receiver.
§ Mr. WhiteheadIs the right hon. Gentleman aware that it is 11½ weeks ago that the Government allowed the bankruptcy of Rolls-Royce and that it is some weeks since the Receiver ceased effective management of the aero-division? When can we expect a statement about the disposal of these assets? In particular, can the Minister be more specific about the future of the composite fibre division and the Derby engine division?
§ Mr. CorfieldIt may be 11½ weeks since Rolls-Royce went into liquidation on its own account, but the plain fact is that the Receiver is maintaining the management of these companies as it is his duty and interest to do to make them as attractive as possible to potential purchasers. I cannot add anything further to what has already been said with regard to the others matters.
§ Mr. BennIs the right hon. Gentleman aware that the decision by the Government to hive off part of Rolls-Royce at this time will involve a number of major managerial decisions and disentangling at the very moment when it moves into new ownership? Will he not think again about this, at any rate until we have seen how Rolls-Royce settles down under the 1971 company?
§ Mr. CorfieldI am hoping that the 1971 Rolls-Royce will settle down very quickly indeed and I do not propose to postpone the other decisions for any length of time.