HC Deb 18 March 1974 vol 870 cc662-4
41. Mr. William Hamilton

asked the Lord President of the Council if he will take immediate steps towards the establishment of a compulsory register of Members' outside financial interests.

42. Mr. Cryer

asked the Lord President of the Council if he will take steps to introduce a register of business interests of Members of Parliament; and if he will make a statement.

Mr. Short

As the House is aware, the discussions through the usual channels had reached an advanced stage during the previous Parliament. I hope that these discussions can be concluded shortly and that an early announcement can be made to the House.

Mr. Hamilton

Is my right hon. Friend aware that ex-Tory Ministers are picking up directorships the way some people collect Green Shield stamps and that it is therefore very urgent that a compulsory public register be prepared forthwith?

Mr. Short

I share my hon. Friend's views about the importance of a register. I have written to the usual channels on the matter today, setting out our views.

Mr. Redmond

Does the right hon. Gentleman agree that liabilities can sometimes be just as big an advantage as salaries, and so on, and that in these days a special low-interest loan may look better than a salary? Therefore, will the right hon. Gentleman include in the register Members' liabilities as well as their interests?

Mr. Short

I hope that all the parties in the House will discuss my proposals—which are largely agreed—through the usual channels, and let me know their views very quickly.

Mr. Cryer

Is my right hon. Friend aware that there will be public concern if the leading members of the Opposition show their usual prediction for sliding into the boardrooms, followed closely by the Liberals?

Sir D. Walker-Smith

Will the right hon. Gentleman clarify the position about the discussions he is having? Are they confined to the usual channels, or can we all join in?

Mr. Short

I said a moment ago that I hope that all the parties in the House will discuss the proposals—the whole parties.

Mr. Strauss

When considering the matter further will my right hon. Friend bear in mind that there are different opinions on the subject on both sides of the House, and that the recent Select Committee on the matter came to the conclusion that a compulsory register would be impractical and contrary to the best interests of Parliament?

Mr. Short

I realise that. I have read the Select Committee's report very carefully and discussed it with my right hon. Friend. This is one aspect of the matter which makes it extremely difficult. There is more than one point of view. It is extremely difficult but very important to hold a balance between the need for privacy—and Members of Parliament are as entitled as anyone else to privacy—and the public interest in disclosure of some interests. We have to hold a balance between the two.