§ 8. Mr. Nicholas Wintertonasked the Chancellor of the Exchequer what was the total figure for sales of public sector assets in 1980 and in 1979.
§ Mr. Peter ReesSpecial sales of assets totalled £999 million in 1979–80, and £356 million in 1980–81.
§ Mr. WintertonThe latter figure is most welcome, but is it not a low figure, bearing in mind that we promised that when we came to power we would privatise much of the public sector? Bearing in mind the part that the private sector plays in wealth creation, and in view of the fact that the Government have handed out huge sums to the public sector which creates little or no wealth, will my hon. and learned Friend speed up privatisation and hand over to the people who claim that the Government owe them a living the responsibility for making that living by making them buy a stake in their industries?
§ Mr. ReesThe Government recognise the crucial role of the private sector. I understand my hon. Friend's impatience, but the timing of sales must inevitably depend on market conditions, and the special asset sales are part of a continuing programme that the Government will continue to implement.
§ Mr. HooleyIs it the Government's policy that when a public corporation has been outstandingly successful, both financially and technologically, as with British Gas, the assets are to be thieved and sold off to private interests?
§ Mr. ReesThat matter was adequately canvassed in the debate that we had a few nights ago. The hon. Gentleman will recognise that deeper considerations are involved. The sale of public sector assets will contribute to reducing the PSBR and, therefore, to keeping down interest rates, which is clearly a concern of the Opposition.