§ 5. Mr. Viggersasked the Secretary of State for Energy if he has yet satisfied himself as to the most desirable and equitable course of action with regard to the disposal of the BP shares acquired by the Bank of England from the Burmah Oil Company.
§ The Secretary of State for Energy (Mr. Anthony Wedgwood Benn)As I told my hon. Friend the Member for Stoke-on-Trent, Central (Mr. Cant) on 26th January, no decision has yet been taken on the disposal of these shares.—[Vol. 904, c. 26–7.]
§ Mr. ViggersIs the right hon. Gentleman aware that BP is believed to have a better rating than have his Government in international business——
§ Mr. Viggers—and that the international operations of BP are being harmed by the continuation of the Government's stake, which leads people to think, incorrectly, that the Government can control this company? Is it not time that the Government influenced the Bank of England and arranged for its share to be divested?
§ Mr. BeanI have nothing to add to my previous answer. In 1914 Winston Churchill promoted a Bill which gave the Government a 51 per cent. holding in the Anglo-Persian Oil Company. I do not believe that the fears which the hon. Gentleman seeks to inflame are in any case real, because the experience and relationship between the Government and BP has been well understood since Mr. Churchill's Liberal days.
§ Mr. SpeakerIt is clear that the intervention of the weekend has led to hon. Members forgetting my pronouncement about supplementary questions. If hon. Members would ask one supplementary question when called, that would be a great help.
§ Mr. LaneWhat will the Government do to meet the acute grievances of many Burmah shareholders, including many small shareholders?
§ Mr. BennThe point has been dealt with on many occasions, and I refer the hon. Gentleman to what has been said. Burmah came to the Government, and the arrangement that was made was on a perfectly fair valuation basis which Burmah was free to reject or accept.