HC Deb 15 January 1986 vol 89 cc1058-9
2. Mr. Nellist

asked the Secretary of State for Trade and Industry if it is his intention to bring forward measures for the privatisation of all the publicly owned enterprises listed in the answer of 27 November, Official Report, column 870, within the lifetime of the current Parliament; and if he will make a statement.

The Minister of State, Department of Trade and Industry (Mr. Peter Morrison)

No. It is not expected that all the businesses mentioned in the previous answer can be wholly returned to the private sector during the current Parliament.

Mr. Nellist

Before the Secretary of State departs the Front Bench, will the hon. Gentleman ask him whether he is aware that privatisation so far has cost working people in Britain over £1.4 billion as a result of the Government under-pricing the assets that they have sold off, has given the mates of the Secretary of State in City institutions £300 million in fees and expenses, and has resulted in worse services and higher prices to working people?

Rather than have further privatisation of publicly owned assets such as Rolls-Royce, which is in my constituency, why does the Minister not ask the Secretary of State to bring forward a one-day Bill, as did the right hon. Member for Old Bexley and Sidcup (Mr. Heath) in respect of that company, to nationalise Westland plc and guarantee the jobs of the workers in Yeovil and the Isle of Wight?

Mr. Morrison

rose

Mr. Speaker

Order. This is Question Time, not an Adjournment debate.

Mr. Morrison

I can assure the hon. Member for Coventry, South-East (Mr. Nellist) that I put all those questions, precisely as he would have wished me to do, to my right hon. and learned Friend the Secretary of State. My right hon. and learned Friend agrees with me that all the hon. Gentleman's propositions are wrong.

Mr. Kenneth Carlisle

Does my hon. Friend agree that denationalisation has been a good policy for this country? Have those businesses concerned not done better and begun to make profits? Above all, do not 90 per cent. of their employees now own shares in their own companies.

Mr. Morrison

I agree with my hon. Friend, and must emphasise that the vast majority of employees now feel the benefits of privatisation.

Mr. James Hamilton

Will the Minister confirm that the Government have given the British Steel Corporation a mandate to accelerate the company towards privatisation, with special emphasis on the tube-producing section? Will he confirm that that is Government policy?

Mr. Morrison

I can certainly confirm that our policy, and that of the BSC, is directed towards a competitive and profitable industry.