Companies (Government Interest) (Hansard, 28 March 1972)

HC Deb 28 March 1972 vol 834 cc222-3 223

§ 19. Mr. Douglas
asked the Chancellor of the Exchequer if he will list the companies in which the Government have an outstanding interest in the form of share loans and which have received grants in the past five years, and the Government nominees to the boards of such companies.

§ Mr. Maurice Macmillan
With permission, I will circulate the information in the Official Report.

§ Mr. Douglas
Does the right hon. Gentleman agree that it is a long list and likely to get longer in view of the Government's theoretical non-interventionist view in relation to industry? However, as the Government are likely to expand their activities in regional development, will the right hon. Gentleman consider making a further statement on the terms of reference which the Government are likely to give to the directors of such companies?

§ Mr. Macmillan
I have a great deal of sympathy with what the hon. Gentleman

Name of Company	Government shareholding	Total grants received from 1967–68 to 1971–72^*	Government directors
Beagle Aircraft Ltd. (in liquidation).	1,000,000 £1 Ordinary shares.	£2,083,000	—
International Computers (Holdings) Ltd.	3,500,000 £1 "C" Ordinary shares	£13,500,000 Research and Development Grant.	Mr. J. C. Duckworth
Rolls Royce (1971) Ltd.:	30,000,000 £1 shares	£64,000,000‡	Lord Cole (Chairman)
			Mr. I. T. Morrow
			Dr. S. G. Hooker
			Sir William Cook
			Sir St. John Elstub
			Sir Charles Elworthy
			Mr. Gordon Richardson
			Sir Arnold Weinstock
Upper Clyde Shipbuildings Ltd. (in liquidation).	875,000 £1 Ordinary shares.	£6,473,139 under Shipbuilding Industry Act 1967.	—
	12,000,000 25p shares.
Notes:
^* Only special grants have been included here. Grants which are available to any company meeting the appropriate criteria, e.g. investment grants, have been excluded.
†The Government have so far paid only l0p per share. The balance of 90p per share is due on 28th September, 1972.
‡As announced in the White Paper on the RB211 aeroengine the total estimated cost to be met by Her Majesty's Government from 4th February, 1971, is £190 million—£195 million. This will be partially offset by profits on spares throughout the life of the engine.