Companies Bill

HC Deb 24 April 1978 vol 948 cc974-5

2. Mr. Tim Smith

asked the Secretary of State for Trade what representations he has received to date about the delay in introducing a Companies Bill.

Mr. Clinton Davis

Three bodies have written expressing concern about the delay.

Mr. Smith

Does the Minister accept the distinction between those areas of company regulation with which the City regards itself as being competent to deal and those areas, such as insider dealing, with which the City does not consider itself competent to deal? Does he accept that this further delay can be attributed only to the Government and that if there are any further cases the Government and not the City will be to blame?

Mr. Davis

It is not profitable to follow that tack. The hon. Member knows that there has been a heavy volume of legislation on the Floor of the House this Session. He is trying to make a debating point out of a serious matter.

Mr. Rooker

When my hon. Friend introduces the Bill, will he ensure that it contains provisions to ensure that companies disclose imports of manufactured goods and highlights the incidence of low pay as well as high pay?

Mr. Davis

The question of what is to appear in statements issued by companies has been set out in a document which I hope that my hon. Friend has read. That is a matter upon which we have had a large number of representations which are now being considered carefully.

Mr. Higgins

Is it not wrong for the Government to mention a Companies Bill in the Queen's Speech and guillotine all major legislation that is likely to delay it and still fail to produce a Bill which undoubtedly would have all-party support? Even at this late stage, will the Minister introduce a Bill and see what progress can be made?

Mr. Davis

I am glad to hear that the hon. Member makes the assumption, without having seen the Bill, that it will command all-party support. That remains to be seen. My right hon. Friend and I would have wished a Companies Bill to be introduced, but it has not proved possible thus far. We hope to introduce such a Bill at the earliest legislative opportunity.